Commerzbank

NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.

Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals.

The 15 year tenor is the flavour of the week in the SSA market. Three issuers have mandated for deals at the tenor so far, following on from NRW.Bank’s successful trip to the maturity on Tuesday.

NRW.Bank signalled to the market that there is demand at 15 years with its inaugural social bond on Tuesday. Following the deal two other European issuers, Bank Nederlandse Gemeenten and Portugal, mandated for deals of their own in the tenor.

Berlin Hyp left ‘a little bit on the table’ with its new green covered bond on Tuesday. The trade was followed by deal announcements from Kookmin Bank and Sparebank Vest Boligkreditt, both looking to issue in sustainable format.

Agence Française de Développement hit the market twice this week, taking advantage of the absence of competing supply to pick up cash in euros and dollars. Thibaut Makarovsky, head of funding and market operations at the agency, discussed the deals with GlobalCapital.

Pharmaceutical manufacturer Ferring launched its first public bond on Thursday. The sector's prominent role during the coronavirus pandemic helped to drive up demand.

Worldline, the French payments company, received a warm reception from bond investors on Tuesday, setting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.

MTU Aero Engines and Eiffage were the only corporate bond issuers in Europe on Wednesday, and both succeeded, despite a soft market buffeted by sharp spikes in coronavirus cases around the globe.

Commerzbank has appointed Tony Zhang as the country chief executive for China and the general manager of its Shanghai branch.

Agence Française de Développement printed a €1bn tap on Tuesday, while Fondo de Amortisacion del Deficit Electrico (FADE) landed €1.2bn at five years.

Worldline, the French payments company, received a warm reception from bond investors on Tuesday, putting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.