GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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DZ Bank

  • The European Financial Stability Facility rounded off its 2019 funding programme on Tuesday, but some on-looking bankers remarked that the deal, though fully subscribed, did not reach the issuer's customary high levels of demand. Meanwhile, Erste Abwicklungsanstalt returned to the euro market for the first time since February 2018.
  • Intesa Sanpaolo and Landesbank Hessen-Thüringen (Helaba) gave investors the chance to put money into preferred senior paper on Tuesday. Both trades attracted chunky order books and gave away a small new issue premium.
  • Bank Nederlandse Gemeenten included its environmental, social and governance (ESG) ratings in a mandate announcement for its upcoming sustainability bond on Monday, following in the footsteps of KfW which kickstarted the movement with its green bond tap last week.
  • Two SSA borrowers are coming to the market for euro deals on Tuesday. The European Financial Stability Facility and Erste Abwicklungsanstalt will both print what are likely to be their final benchmarks of the year.
  • Issuers in the financial institutions bond market do not want to see the chance for cheap funding slip, so more are lining up deals. On Monday, Landesbank Hessen-Thüringen (Helaba) mandated leads for a preferred senior bond in euros, and UK insurer Utmost International said it was aiming for an senior unsecured bond in sterling.
  • KfW made a simple but potentially significant step in the evolution of bond markets this week as it became the first borrower to highlight its environmental, social and governance (ESG) ratings in term sheets for a bond issue, from the mandate announcement to the final pricing details. SSA bankers and issuers have applauded the move and other public sector borrowers are looking to follow, writes Burhan Khadbai.
  • Guarantor: Federal Republic of Germany
  • KfW returned to the euro market on Tuesday for a tap of its euro May 2027 green bond. The deal offered a small new issue concession at the final spread, as the euro SSA pipeline winds down in the final months of the year.
  • KfW will come to market for a €1bn tap of its May 2027 green bond. The deal will bring the amount remaining in the issuer’s 2019 funding programme to €2bn. Bankers say that there are few significant deals in the pipeline and only limited appetite for pre-funding.
  • Caffil, Crédit Mutuel Arkéa, Danish Ship Finance, Deutsche Bank, DZ Hyp, mBank, and NordLB are lining up a plethora of unusual and inaugural issuance, as they look to benefit from the European Central Bank’s decision to resume net purchases at higher-than-expected volumes.
  • Skandinaviska Enskilda Banken (SEB) got away without having to pay any sort of a premium for its debut non-preferred senior bond on Monday, despite having to compete for attention with Nordic peer OP Corporate Bank.
  • Australia & New Zealand Banking Group (ANZ) is getting ready to offer FIG investors a very rare chance to purchase green bank capital in euros, with the issuer set to hit the road for a new tier two in November.