Deutsche Bank

New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

German meal kit delivery company HelloFresh has issued a €175m debut convertible bond to fund growth opportunities after reporting stellar first quarter results, as more consumers dine at home because of the restrictions imposed to help combat the Covid-19 pandemic in its key markets.

High grade bond investors had a plethora of trades to pick from on Wednesday, as corporate bankers say May is shaping up to be a breakneck month for issuance.

Helaba and OP Corporate Bank each took a plunge into the preferred senior bond market on Tuesday, with spreads in the asset class having outperformed other bank funding products in recent weeks.

Deutsche Bank has named Alexander von zur Mühlen as the chief executive officer for Asia Pacific and a member of the management board.

Rabobank exercised a call option on one of its outstanding additional tier ones this week, with market participants expecting redemption to become the rule rather than the exception during the coronavirus crisis.

The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.

Deutsche Bank has regained its number one spot in its home market, but it was its traditional investment banking business that shone rather than investments made as part of the firm’s new Germany-focused strategy, writes David Rothnie.

Market participants argued that the European Commission could have gone further this week to ease leverage ratio constraints on banks during the coronavirus crisis.

The high grade corporate primary market was receptive to issuance again on Wednesday, as syndicate bankers predicted this would bode well for what is expected to be a blockbuster May.

Robert Bosch, the German engineering group, has signed a €3bn revolving credit facility, as lenders warn that smaller companies in the same industry will find it harder to get financing.

In contrast to what analysts had expected before its first quarter results, Deutsche Bank reckons its investment bank will outperform last year’s revenue figures in 2020. However, its fixed income and currencies sales and trading business did not match peers’ revenue growth in the first quarter.