Deutsche Bank

Analysts at Commerzbank have criticised Markit for excluding Deutsche Bank’s innovative conditional passthrough covered bond from the iBoxx index for covered bonds. They believe the decision is “technically difficult to justify” and could discourage other banks from embracing new formats.

Activity is set to heat up in the additional tier one (AT1) bond market in 2020, with as many as 22 bonds approaching their first call dates. Market participants appear confident that conditions will allow banks to refinance and incentivise them to do so.

Wynn Macau, a hotel and casino resort, raised $1bn from its bond return on Tuesday, surpassing expectations on both size and price.

Deutsche Bank laid out its strategy for its investment bank at an investor "Deep Dive" event on Tuesday. As part of a plan to boost the return on tangible equity, it is focusing on cutting costs in the back office and raising revenues in financing and origination.

Another packaging company is hunting for better financing terms in the issuer-friendly European high yield bond market. Berry Global follows companies such as Crown, Ball, Smurfit Kappa, Owen-Illinois and Ardagh with an ambitious refinancing that could be priced as early as Thursday — the day of the UK general election.

Christian Berendes will head up Deutsche Bank’s government and regulatory affairs department from next year, after being promoted internally.

The Netherlands’ Prosus has raised its takeover offer for food delivery firm Just Eat to around £5.1bn. It has brought in a host of banks to finance the bridge facility, but the boss of opposing bidder Takeaway.com called Prosus' bid “derisory”.

Roland Domann has joined Nomura to look after the asset and liability management and insurance solutions structuring team focusing on European pension fund and insurance clients.

Bank issuers led a flurry of dollar bond deals this week, as they dashed to wrap up funding before year end and ahead of the US Federal Reserve’s final meeting of 2019.

Swedish Export Credit Corporation has grabbed $500m of four year paper in what will almost certainly be the last SSA syndication of 2019.

Chemical company Lanxess has signed a €1bn sustainability-linked loan, as lenders expect next year to see huge growth in other German companies using the format.

DNB Bank made the most of a favourable backdrop in the financial institutions bond market this week, selling a short-dated senior bond in sterling after recent prints in euros and dollars.