Deutsche Bank

Deutsche Bank posted declines in investment bank revenue on the back of a fixed income trading fall in its third quarter results, released on Wednesday. But debt origination revenue grew. A change in the bank’s reporting structure to reflect its new capital release unit has allowed it to shield the investment bank from costly losses on unwanted assets.

Restructuring costs led Deutsche Bank to a net loss of €832m in the third quarter of the year, leading investors to doubt the potential for reliable performance in the issuer’s fixed income securities.

Three Chinese real estate developers came to the bond market on Tuesday, raising a combined $1.25bn.

Philippine company SMC Global Power Holdings Corp has priced its second senior perpetual bond of the year, raising $500m from a four times covered deal at a yield that met the issuer’s target.

Deutsche Bank plans to sell a structured conditional pass-through (CPT) covered bond that is packed with commercial mortgages and has a double-A rating. The collateral-efficient funding makes perfect sense for the issuer and, in a negative yield environment, it could also potentially be interesting for certain investors.

Mamoura Diversified Global Holdings (formerly Mubadala Development Company) has released initial price guidance for its dollar triple trancher at levels a rival syndicate official said looked fair, and included another 30 year bond from the region in just over a month.

After making its debut in the capital markets last week, France’s Action Logement Services (ALS) plans to issue bonds and private placements across various maturities under its 100% sustainable euro medium-term note (EMTN) programme.

Verizon Communications, the US telecoms group, is preparing to return to the Kangaroo bond market with a multi-tranche deal, offering maturities up to 20 years — far longer than its longest outstanding 10 year tranche.

ESR Cayman has raised HK$12.6bn ($1.6bn) from its Hong Kong IPO after pricing the deal at the mid-point of guidance and exercising the greenshoe in full, according to a source familiar with the matter.

Guarantor: CPP Investment Board

CPPIB Capital raised $1bn with a 10 year bond this week but despite the deal securing the issuer’s lowest ever funding cost at that tenor, bankers were unimpressed by the level of demand, adding to claims that demand for 10 year paper is waning.

The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week.