DZ Bank
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Société Générale priced a €750m eight year inside fair value, but deals from KHFC and Commonwealth Bank of Australia were less convincing -
Despite demand, further short dated issuance not forthcoming as issuers are flush with TLTRO cash
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Cooperative lender paid up to ensure sub-benchmark size
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Surge in yields ensures DZ Hyp and DBS enjoy outstanding results with five year covered bonds
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Rise in rates splitting interest between the short and long end
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Austria brings first 15 year syndication in over a decade
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Aareal Bank and Credit Suisse avoided the September rush by placing new senior deals with investors this week
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Commonwealth Bank of Australia (CBA) has returned to the long end of the covered bond market sell its first private placements in the format since 2019.
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Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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DZ Hyp plans to issue a €750m no-grow Pfandbrief on Wednesday as Muenchener Hypothekenbank (MuHyp) marketed its inaugural sterling benchmark to UK investors amid a sharp fall in global yields.
