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German Sovereign

  • Rating: Aa1/AA/AAA
  • German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”
  • SSA
    The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.
  • The State of North Rhine-Westphalia (Land NRW) mandated banks on Monday for its debut Sonia-linked floating rate note, following its compatriot NRW.Bank, which sold its first trade in the format last week. The region has also decided to no longer use money market instruments for funding and liquidity management.
  • Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.
  • SRI
    Germany is considering four options for its first green or sustainable bond issue, which is likely to come next year. But this will not mean an increase in borrowing — Germany will finance its climate change investments with taxes.
  • NRW.Bank was well subscribed for its inaugural Sonia-linked floating rate note on Tuesday, with the books closing just one hour after opening.
  • NRW.Bank has picked a syndicate of three banks to lead its inaugural Sonia-linked floating rate note, as it looks to become the second German agency to issue a public trade in the format.
  • French agency SNCF Réseau steamed on to screens on Tuesday with initial pricing thoughts for a tap of its December 2047 green bond.
  • While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.
  • SSA
    The European Investment Bank and Nordic Investment Bank kept the strong momentum going in the SSA euro bond market on Wednesday, capitalising on the European Central Bank’s announcement of fresh stimulus last week and a lack of issuance over the summer. However, Joint Laender's deal was only just oversubscribed, which the leads attributed to investors’ hesitance to buy a negative yielding 10 year bond from a less liquid name.
  • L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.