NordLB
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This week began with three small euro offerings on screens from Landsbankinn, Carrefour Banque and NordLB as investors and issuers remained defensive after a recent run of gains in equities was met with a loss on Monday.
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NordLB capitalised on additional investor demand to print a €100m tap on Monday. -
Rheinmetall, the German defence and car parts company, has refinanced a €500m revolving credit facility, as its beleaguered defence arm is scrutinised by Moody’s.
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ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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Norddeutsche Landesbank and Landesbank Baden-Württemberg coped well with the new rules around debt seniority for German banks this week. Both launched successful senior trades with strong, domestic-led order books after Commerzbank had struggled for demand on Monday
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Landesbank Baden-Württemberg joined Norddeutsche Landesbank in the FIG market on Thursday. LBBW launched a successful floater with a strong domestic bid, reassuring the market after a lacklustre deal from Commerzbank on Monday.
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Norddeutsche Landesbank coped well with the new rules around debt seniority for German banks on Wednesday, launching a cautious, but successful senior trade, which attracted a decent order book.
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Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.
