EUR New issues: More corporates, covered bonds

Euro notes
A renewed pick-up in the pace of issuance included euro deals from covered bond issuers and domestic corporates, plus one reverse yankee.

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Reverse Yankees

  • AT&T plans EUR long 2y, 8y and long 11y bonds at around swaps +65,135 and 170bps, respectively. Leads are CS, DB (B&D) and MUFG.



  • Deutsche Bahn is preparing a €500m 10y in the region of swaps +80bps. Leads are DB, HSBC (B&D), MUFG and UniCredit.


  • APRR plans a €500m long 6y at around swaps +80bps. Leads are BBVA (B&D), BNPP, CIC, HSBC, Mediobanca, MUFG, Sabadell and SocGen.


  • L’Oreal is preparing EUR 2y and 10y bonds at around swaps +10 and 30bps. Leads are BNPP, Citi, CA, HSBC, JPM (B&D), Natixis, Santander and SocGen.


  • Swedish telecom Tele2 is preparing a €500m 6.5y in the area of swaps +125bps through CA, DB, ING (B&D) and Nordea.


  • French metals group Eramet is preparing a €400m 5y Sustainability bond at around 7.25%. Leads are ABN Amro, CA, Citi, HSBC, Natixis and SocGen.


Covered bonds and banks

  • SpareBank 1 Boligkreditt is preparing a €750m 7y Green Covered bond through Deka, DB, ING and Nordea.


  • Danske Mortgage Bank plans a EUR short 4y Covered bond at around swaps +12bps via ABN Amro, BNPP, Danske (B&D), Natixis and UniCredit.


  • Bausparkasse Wuestenrot plans a €250m 4y Covered bond at swaps +32bps. Leads are DZ, Erste (B&D), Helaba and UniCredit.


  • Credit Mutuel Arkea is preparing a €500m 5y Social bond through CA, CMA, LBBW, Santander, TorDom and UniCredit.


  • Abanca Corp Bancaria plans a EUR 3y NC2 at swaps +225bps. Leads are BBVA, DB, Santander, SocGen and UBS.



  • Republic of San Marino plans a €300m long 3y at around 7%. Lead is GS.


  • ESM yesterday sent an RfP to its banks for a possible deal.


Recently priced

  • Deutsche Bank yesterday priced a €500m 3.5y and €500m 10y Covered bonds at swaps +5 and 20bps. Leads are Barclays, DB (B&D), IMI-Intesa Sanpaolo, Lloyds, NatWest, Scotia, UBS and UniCredit.


  • SEB yesterday priced a €1.75bn 2.5y Covered bond at swaps +5bps. Leads are Commerzbank, HSBC, NatWest, SocGen, Santander and SEB.