L-Bank in the news
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L-Bank could kickstart wave of dim sum issuance
German agency L-Bank steamed into the dim sum bond market on Tuesday to print what could be the start of a new flurry of offshore renminbi issuance.
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SSA secondary pricing update: L-Bank achieves strong performance
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 6. The source for secondary trading levels is ICE Data Services.
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L-Bank funding boss still backs auction format, despite pulled trade
Despite an unsuccessful experience in selling a trade through an auction in March, L-Bank’s international funding officer, Sven Lautenschlaeger, has not been put off by the format. He believes it is the best way to sell a bond as it gives investors the power to set the price.
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EU regulations could slow €STR growth
Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.
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KfW slots back into zloty issuance
KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.
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L-Bank brings first €STR FRN with EIB and other SSAs to follow
While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.
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L-Bank leads race for first €STR-linked FRN
L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.
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Kanga market starts to heat up
As core markets in the northern hemisphere begin to cool, SSA issuers are looking towards an Australian dollar sector unaffected by the summer close.
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L-Bank USD2bn 2% Jul 24
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Dollars provide big SSA firsts but trouble stirs
L-Bank issued its biggest single bond in dollars this week while the Inter-American Development Bank (IADB) printed its first ever dual tranche trade in the currency. But some market participants warned that the good times at the short end of the dollar curve might be coming to an end.
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Dollar investors offer mixed receptions to SSA trio
SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.
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SSA names hit dollars in force
A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.
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Favourable spreads offer SSA MTN sterling spree
Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.
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L-Bank USD1.5bn 2.375% Apr 21
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Issuer calls on peers to stop ‘greed’ during bond executions
Issuers are showing the same kind of “greed” they did in the run-up to the global financial crisis, according to a fiery call to arms to treat investors better from a European agency funding official.
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L-Bank and Manitoba keep dollar wheels turning
L-Bank and the Province of Manitoba kept the dollar SSA market busy on Tuesday, launching deals totalling $2.5bn.
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L-Bank keeps SSA dollar trickle going
The dollar sovereign, supranational and agency primary market has kicked off the week with an L-Bank mandate, as bankers continue to see little more than sporadic European SSA issuance in the currency in the weeks ahead.
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L-Bank USD500m FRN Mar 22
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Dollar pipe builds after L-Bank’s trailblazing Reg S Sofr floater
Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.
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L-Bank brings Reg S only Sofr trailblazer
L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.
Dealer League Table L-Bank
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Natixis | 0.15 | 1 | 16.67% |
1 | LBBW | 0.15 | 1 | 16.67% |
1 | ING | 0.15 | 1 | 16.67% |
1 | HSBC | 0.15 | 1 | 16.67% |
1 | Credit Agricole CIB | 0.15 | 1 | 16.67% |
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Bank Profiles
Latest news by market and league table performance
European Sovereign Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | SG Corporate & Investment Banking | 4.88 | 3 | 16.63% |
2 | HSBC | 3.99 | 3 | 13.59% |
3 | JPMorgan | 3.00 | 3 | 10.22% |
4 | Citi | 2.89 | 2 | 9.85% |
5 | Barclays | 2.33 | 2 | 7.92% |
Dollar Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 7.41 | 12 | 15.37% |
2 | Deutsche Bank | 4.69 | 6 | 9.73% |
3 | JPMorgan | 4.60 | 9 | 9.55% |
4 | BMO Capital Markets | 3.83 | 3 | 7.95% |
5 | BofA Securities | 3.72 | 5 | 7.73% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 8.94 | 15 | 10.68% |
2 | HSBC | 8.30 | 9 | 9.91% |
3 | SG Corporate & Investment Banking | 7.46 | 7 | 8.91% |
4 | UniCredit | 7.12 | 11 | 8.50% |
5 | Citi | 6.84 | 7 | 8.17% |
Bookrunners of Global SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 14.79 | 19 | 9.78% |
2 | JPMorgan | 14.45 | 40 | 9.56% |
3 | HSBC | 12.32 | 18 | 8.15% |
4 | Deutsche Bank | 10.51 | 17 | 6.96% |
5 | SG Corporate & Investment Banking | 9.06 | 9 | 6.00% |