NordLB

The risks associated with issuing at negative yields will drive non-European issuers away from the euro covered bond market, according to a report from NordLB.

BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.

A rates and structured sales banker at NordLB has resigned and will taking a job in the treasury department of Ålandsbanken, a bank headquartered in the Åland Islands, an autonomous region in Finland.

Deutsche Kreditmarkt-Standards (DKS), a German industry body, held a conference call with Schuldschein participants on Thursday afternoon to discuss restructuring in the Schuldschein market, and whether there is a case for a standardised collective action clause.

As its profile grows, the Schuldschein market is attracting a healthy supply of new issuers. Increasingly, these come from abroad, but banks are still finding a good number of German companies to woo to the market for the first time, like DIC Asset this week.

Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.

The City of Hanover is returning to the Schuldschein market with a dual tranche, long dated deal, around a year after it became the first city to issue a green Schuldschein.

The head of FIG origination and syndication at NordLB has resigned and is understood to be heading for Landesbank Hessen-Thüringen (Helaba), where he will have an expanded role.

Denmark’s Bunker Holding has signed a multi tranche revolving credit facility totaling $1bn, as the shipping fuel and lubrication oils company prepares for a “paradigm shift” headed for its industry.

Danish agricultural company Dansk Landbrugs Grovvareselskab (DLG) entered the Schuldschein market on Monday, in search of at least €100m.

The Basque Government was able to tighten pricing by 5bp from initial price thoughts as it received soaring demand for its 10 year sustainable bond on Tuesday — its biggest public issue since 2009.

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.