NordLB
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◆ NordLB prints rare tier two as Italian insurer readies one too ◆ BPER Banca goes longer in callable green SP ◆ BIL makes unusual splash outside of private markets with a three year FRN
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◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label
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Issuers stick to the Länder rule book to maximise pricing
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German SSA supply set to continue in holiday-filled week
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Deal was oversubscribed with €110m of lead manager orders
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New sale landed with a limited new issue concession, bankers said
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Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?
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The sector’s tight valuation versus the likes of KfW is capping demand
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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Issuers 'can't be stingy' in tough conditions as issuer leaves 5bp on the table
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Leads’ orders helped issuer meet its size goal
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Regional borrowers from Belgium, Germany and Spain power surge in labelled bond issuance among SSAs
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Issuance from German states has increased 70% year-on-year
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◆ Domestic and international investors split over price ◆ Final spread strikes balance between differing spread opinions ◆ Debut deal attracts highly granular book
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◆ High demand for debut labelled FIG debt ◆ Two factors behind the single digit concession ◆ NordLB to break senior issuance hiatus in green
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◆ Landesbank preps first public senior deal since 2016 ◆ Need to fund growing bank fuels senior return ◆ Upcoming deal expected to offer pick-up to Landesbank peers
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German federal state attracts nearly €3bn of demand for inaugural social bond
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Two German issuers each took planned €500m from oversubscribed books on the same day as the sovereign
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Issuers set to follow anticipated EU new issue with deals ahead of Federal Reserve’s next meeting
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Bank of England wins big book for its annual dollar bond
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Shorter deals from NordLB and KBC fared better than Baca’s 2029 note
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Multilateral development bank will meet investors for first euro benchmark
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Steiermark and NordLB get their Pfandbrief over the line
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KBN re-establishes access to euros while SEK and NIB print in a tough dollar market
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Issuers are keeping SSA deal flow going as year-end approaches
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Jia Wei Toh moves to the Singaporean bank after stints at NordLB and ANZ
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NordLB scored its largest order book on Monday as investors flocked to covered bonds
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The German SSA issuer proved that the euro market remains very much open despite the unexpected rate decision from the ECB last week
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German sub-sovereign issuer gears up for the first euro SSA deal since the ECB’s 50bp rate rise, with Swedish agency eyeing dollars ahead of Fed meet
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€500m Pfandbrief achieves issuer's largest book on covered bond
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Unédic, MuniFin and the State of Lower Saxony see ample support for trades
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Borrowers push hard against mid-swaps amid chunky Bund spreads
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German state launches trade day before ECB meeting
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German issuer continues its streak of issuing century bonds in January
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Small, nimble trades set to typify SSA market as year draws to close
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Banker moves into DCM job after helping to set up NordLB's green bond framework
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Enervie, a German energy supplier, has completed a €170m refinancing package, taking the unusual step of swapping a single syndicated facility for a collection of different funding sources.
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Wemag, a state-owned electricity firm in Germany, has launched a 10 year Schuldschein through NordLB’s digital platform, Finpair. Wemag follows two Austrian utilities in supplying deals at a longer tenor.
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A group of bondholders is threatening legal action against NordLB, claiming the German lender is acting in bad faith by trying to terminate its silent participation capital notes.
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Svenska Handelsbanken has become the latest European bank to put out a call notice for one of its additional tier ones. Market participants are expecting a clean sweep of redemptions for the asset class this year.
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Altitude Infrastructure, the French telecoms company, has signed a €266m credit facility, which it will use for two fibre optic networks.
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The State of Brandenburg failed to reach full subscription for a new 25 year trade on Wednesday as it priced at an exceptionally tight level to its secondary curve.
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The combination of Deutsche Hypo into NordLB has failed to cause much of a stir in the covered bond market as, even though the merged cover pools will be very different, spreads between their Pfandbrief curves have little room for manoeuvre.
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Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.
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Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating.
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KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.