L-Bank
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◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn -
German issuer's return partly due to continuing volatility caused by the French election
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More issuers expected to print in US currency next week
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Issuers enjoy strong reception as whipsawing sentiment keeps market on its toes
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 26. The source for secondary trading levels is ICE Data Services.
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German agency L-Bank steamed into the dim sum bond market on Tuesday to print what could be the start of a new flurry of offshore renminbi issuance.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 6. The source for secondary trading levels is ICE Data Services.
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Despite an unsuccessful experience in selling a trade through an auction in March, L-Bank’s international funding officer, Sven Lautenschlaeger, has not been put off by the format. He believes it is the best way to sell a bond as it gives investors the power to set the price.
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Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.
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KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.
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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.
