NordLB
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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SEB Germany offered the lowest ever yield for a primary covered bond when it issued a three year public sector Pfandbrief on Tuesday. But some sort of positive return was necessary, even if it was minuscule.
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Bayerische Landesbank issued a well oversubscribed Pfandbrief on Tuesday and priced somewhat tighter, and with a longer maturity, than other recently issued German covered bonds.
