DZ Bank
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The Free Hanseatic City of Bremen priced a €750m 2049 trade on Tuesday, stretching out its curve by 10 years to become the second German SSA bond issuer in as many weeks to borrow for longer in able to offer a positive yield to investors. -
Issuers are set to gravitate towards selling higher yielding regulatory debt in the post-summer issuance window, so that they can attract investors and compensate for low overall interest rates. But FIG bankers are unsure what concessions will be needed to get deals away.
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Schleswig-Holstein stretched its euro curve out by a decade on Wednesday, as market participants warn that the world of positive yielding German sub-sovereign debt is shrinking.
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The Federal State of Schleswig-Holstein has mandated for a 20 year euro trade, as eurozone rates continue to squeeze tighter.
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Fraport, which operates Frankfurt airport and has stakes in several other airports, has entered the Schuldschein market for a second time this year, with an initial target of €200m.
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LBBW extended its non-preferred senior curve with a new green bond this week, hitting lead managers' price expectations in spite of soft market conditions.
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DZ Hyp managed to build a substantial book in little time on Tuesday for its second 10 year Pfandbrief of the year, with demand fortunately swelled by an overnight rise in yields.
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The European Union (EU) began its funding for the year on Wednesday, later than other public sector borrowers. With a €250m syndication to finance disbursements to Tunisia and Jordan as it adapts to a smaller borrowing programme.
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German agriculture, energy, logistics and services group BayWa printed a €500m five year green bond on Monday, building a strong €750m book — despite some ambiguity about how to treat the unrated corporate.
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Dutch agency BNG via DZ Bank has placed the first ‘smart n-bond’, a Namensschuldverschreibung (NSV) issued through digital platform European private placement facility (eppf). Participants hailed this transaction as a step towards a functioning pan-European private placement market.
