LBBW

Barclays paid a visit to the euro market to sell its first public senior deal in over a year on Wednesday morning, offering investors a rare chance to pick up exposure to its debt in floating and fixed rate formats.

Issuers piled into Europe’s high grade corporate market on Wednesday but the deal flow had slowed to a dribble by Thursday with many issuers still on earnings blackouts. Investors showed less enthusiasm for the deals that came at the tightest spreads.

Rating: A2/—/A-

LBBW landed its latest senior non-preferred bond, a €500m eight year deal, through its conventional curve on Tuesday, as the borrower enjoyed the spoils of a large and granular order book.

LBBW enjoyed the euro limelight on Tuesday morning as it sold the week’s first senior deal from a European borrower, pricing a €500m eight year deal that peaked at more than three times covered.

Slovakian lender Tatra Bank concluded several days of marketing with the sale of its debut green bond on Friday, raising €300m of preferred senior paper, which it will count towards minimum requirement for own funds and eligible liabilities (MREL).

Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers.

Four public sector borrowers sold intraday trades in the euro market on Monday with the European Financial Stability Facility making a dent in its second quarter funding and three other issuers receiving impressive demand for socially responsible deals under their updated frameworks.

Europe’s high grade corporate bond market was populated with well rated issuers on Wednesday, as triple-B borrowers took a cautious approach and stayed away after the Easter weekend.

Europe’s high grade bond market continued to pump out deals on Wednesday, with Vantage Towers raising three tranches of debt after its IPO and Japan’s Nidec selling a green trade.

Europe’s high grade corporate bond pipeline is bulging this week, as slightly improved market conditions from last week have prompted a diverse set of issuers to lock in funding before the end of the quarter.

German commercial real estate company DIC Asset has launched its second Schuldschein, for an initial target of €100m, according to a term sheet distributed to investors. The debt’s margins will be tied to the proportion of green assets the borrower has on its balance sheet. Most notably, there is a ‘fast track’ settlement date for banks needing to secure assets before an ECB funding deadline that falls at the end of this month.