NordLB
-
The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento. -
The Schuldschein market has been left with more questions than answers after a Moody’s report claimed IFRS 9 rules, which force liable assets to be marked-to-market, could implicate "liquid" Schuldschein loans.
-
With the deal flow in the Schuldschein market turning to more of a deal drip, participants are taking the spare time to clean up the shop floor.
-
Hanover has become the first city to issue a green Schuldschein. The hope is that this transaction will be the first of many.
-
Hanover has become the first city to offer a green Schuldschein.
-
After an unthrilling first quarter of 2018 for the Schuldschein market, analysts at two Landesbanks have issued pessimistic forecasts for this year’s deal flow and volume.
-
-
The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.
-
The State of North Rhine-Westphalia on Thursday brought the first 20 year euro benchmark of the year from a core eurozone issuer, for which leads said the “stars aligned”. A sell-off in rates, core SSAs stability in the face of wider market volatility and a healthy spread over OATs all helped the deal, they said.
-
A trio of 10 year covered bond deals issued this week showed that interest in this tenor is less uncertain than initially feared. But, in a rising yield environment, investors are likely to become more defensive and this demand risks being short-lived.
-
NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.
-
NordLB has mandated joint leads for a 10 year Pfandbrief which some bankers believe will prove an ‘interesting’ trade, reflecting the view that spreads are tight to competing agency paper.
