Deutsche Bank

Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity.

MTU Aero Engines and Eiffage were the only corporate bond issuers in Europe on Wednesday, and both succeeded, despite a soft market buffeted by sharp spikes in coronavirus cases around the globe.

With Adam Bagshaw heading to HSBC, Deutsche Bank has turned to two of its senior investment bankers for Germany to take charge of corporate finance for Europe, the Middle East and Africa.

Adam Bagshaw, up until now a senior figure at Deutsche Bank, is joining HSBC to co-lead advisory and investment banking coverage.

Coöperatieve Rabobank launched a 10 year covered bond at a spread of 7bp over mid-swaps this week, leaving a small new issue concession for investors. The deal also underlined the recent recovery of credit spreads amid the coronavirus pandemic.

LEG Immobilien, the German residential landlord, has raised €823m via the sale of new shares and convertible bonds to fund the acquisition of new properties amid heightened investor interest in the sector.

The second slice of the ThyssenKrupp Elevator financing hit the market on Wednesday, with €4bn of bonds announced across secured and unsecured tranches in dollars and euros, joining the €3bn of loans earlier this week as part of the package to fund Europe’s largest LBO in a decade.

Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.

Exxon Mobil Corp, the US oil major, launched €4.5bn of bonds on Tuesday to establish a euro curve for the first time. Parts of its dollar bonds came under selling pressure as investors looked to swap into the cheaper debt.

CNP Assurances and Helvetia Europe have added to issuance momentum in the insurance sector, giving investors the chance to put money into subordinated capital. The tier two bonds showed that ‘the market is back in shape’, said one deal arranger.

Fosun International pushed pricing aggressively for a new deal on Monday, but the $600m bond still surpassed its size expectations.

Exxon Mobil, the US oil major, is due to establish a bond curve in euros for the first time, as it continues building up cash as the hydrocarbons industry is pummelled by the coronavirus pandemic.