DZ Bank
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The State of North Rhine Westphalia sold an unusually large amount of debt in the SSA market on Wednesday through a dual tranche offering, with one of the bonds coming with a sustainable label. -
Germany’s ElringKlinger has signed a €350m loan. The automotive supply company has swapped bilateral lines for syndicated lending as it looks to shore up its capital structure amid widespread upheaval in Europe’s vehicle industry.
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German car leasing company Sixt has launched a Schuldschein with an initial size of €200m, according to two Schuldschein market participants.
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Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.
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Four covered bond issuers returned to the market on Wednesday and, in contrast to the start of the year when concessions were 5bp-7bp, none paid more than 2bp.
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Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become difficult.
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Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become more chaotic.
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On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.
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After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.
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Austrian construction firm Porr has become the first Schuldschein borrower in 2019, launching a pair of deals totalling €150m that are offered in three maturities. The deal was launched on Monday, and some of it is for green projects.
