DZ Bank

The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.

Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.

Leonine, the German film and television production company, has signed loans totalling €189m, as some lenders say the market is likely to wind down early this year after the feast of bridge financings in the second and third quarters.

The European Investment Bank hit screens on Monday afternoon to announce what will be its final benchmark deal of the year, with the issuer set to use every inch of its €70bn borrowing authorisation for 2020.

DZ Hyp returned to the covered bond market for the fourth time this year on Thursday to issue a €1bn eight year mortgage Pfandbrief. The deal showed that any uncertainty over the relative value of covered bonds has been firmly swept away after the European Union’s blow out debut earlier this week.

FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.

Energie Baden-Württemberg (EnBW), the Germany electricity company, opened books on its €500m no-grow 10 year on Monday, almost a week after the issuer started marketing the trade, which it took as an opportunity to update investors on its sustainability ambitions.

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.

Munich Airport has launched a Schuldschein with an initial target of €200m, the first airport to enter the market since a flurry of deals in March as the coronavirus pandemic hit Europe.

Rating: Aa1/AA/AA

The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.

Aareal Bank sold the first bank bond in euros for a week on Wednesday, offering encouragement to other issuers who have remained stuck in the pipeline.