Deutsche Bank

Instone Real Estate, the German property company, has unveiled plans for a €182m rights issue to finance an acceleration of its growth strategy.

A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.

European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency.

US insurance company Athene Holding this week sold its second funding agreement-backed security (Fabs) in euros, just a couple of months after making its debut in the currency.

The Aa2/AA/AA rated Emirate of Abu Dhabi raised $5bn on Tuesday, securing a negative new issue premium on a trade that included the longest ever tenor raised in the Gulf. The inclusion of a 50 year tranche, bankers say, is testament to the borrower's standing as an elite credit.

The State of Baden-Wuerttemberg only managed to sell around half of its €1bn 10 year bond to investors on Tuesday as it came flat or slightly through its curve alongside competing supply in the tenor.

Intesa Sanpaolo racked up plenty of orders behind an additional tier one (AT1) on Tuesday, showing that investors are hungry for new sources of yield. The deal ended a long pause for sales of subordinated debt in the euro market.

Freudenberg, the German industrial conglomerate, has signed a €500m revolving credit facility, as European lenders say that refinancing facilities are expected to take up a large portion of their time for the rest of the year.

The Emirate of Abu Dhabi has appeared in the bond market for the third time this year, and for the third time is seeking a triple tranche deal. It re-opens the CEEMEA market after a brief summer drought.

ABN Amro has become the 18th bank to call an additional tier one (AT1) in 2020, as refinancing conditions continue to improve, despite the impact of the coronavirus pandemic.

The sustainable finance market changed dramatically in the first half of 2020, as participants responded to the Covid-19 pandemic with a wave of tailored bonds — but the second half could prove even richer, with innovations and new issuers coming.

US food and commodities firm Archer-Daniels-Midland Co has tapped the equity capital markets for the first time in more than a decade, using a concurrent block of Wilmar International shares and an exchangeable bond — with the same underlying stock — to raise $850m. Jonathan Breen reports.