Deutsche Bank

The European Stability Mechanism returned to stellar form this week, hitting the sweet spot for euro demand and exceeding its first quarter funding target. Bpifrance Financement will look to follow up the supranational’s success on Wednesday.

Shares in Ascential, the UK events and publishing company that runs the Cannes Lions festival, closed 1.4% higher on Tuesday after Guardian Media Group (GMG) and Apax sold the last of their stock through an accelerated bookbuild led by Goldman Sachs, Bank of America Merrill Lynch (BAML), Deutsche Bank and Numis Securities.

Deutsche EuroShop, the German property company, completed an 8.7% capital increase as an accelerated sale on Tuesday evening, raising €165m to finance the acquisition of the Olympia Center, one of the largest shopping malls in the Czech Republic.

Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.

Municipality Finance is set to follow the European Investment Bank into the five year part of the dollar curve, as a slight tightening in swap spreads failed to deter issuer and investor sentiment for bonds in the currency.

Though Deutsche Bank’s revamped org chart looks suspiciously familiar, the bank’s strategy is a more radical departure than anything it has tried since the crisis. Perhaps it is making a virtue of necessity, but for the first time in years, the bank is racing to the top of the pack in its capital levels.

Cerba Healthcare has released price guidance of just 325bp-350bp on its €544m buyout term loan, squeezing the tightening of recent repricings even further.

As the market buckles up for a March rate hike, some fixed income investors are playing it safe, becoming price sensitive to new issues. Against that backdrop, China SCE Property Holdings priced a five non call three on Monday with guidance unchanged throughout the day.

Indian film maker and distributor Eros International has launched its maiden dollar bond with books building quickly during the Asia morning, as it competes with Export-Import Bank of China.

Deutsche Bank’s restructuring and capital raising will reallocate capital into its corporate finance business — and that will go, in part, to fuelling its FIG capital and SSA franchises, as well as into ABS, commercial real estate, and transport, infrastructure and energy.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.