NordLB

The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

Volatility has pushed FIG senior supply to its lowest January total since 2008, but a resilient covered bond market profited from the gloom, with issuance at its strongest since 2012.

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

The State of Baden-Wüerttemberg and NRW.Bank priced deals in euros on Wednesday thus avoiding a clash with Thursday's European Central Bank meeting.

While markets have been badly affected by a mixture of worrying economic data from China, falling commodity prices and a continued slump in many emerging markets, the SSA market looks solid.

The State of Baden-Württemberg announced on Tuesday its intention to print a 10 year euro benchmark in a week in which investors await a decision on Thursday from the European Central Bank regarding interest rates.

NordLB

Pohjola Bank and NordLB paid slim new issue concessions for five year senior debt on Wednesday, but market participants pointed to the dangers of pushing spreads in too tightly.

Financial institutions have taken an early plunge into additional tier one bonds this week, as European and US investors show willing to take on risk and put cash to work.

Wind turbine company Nordex signed €1.4bn in loans on Tuesday. The five bookrunners flexed to accommodate a planned acquisition, in what was intended to be a plain refinancing.