Deutsche Bank

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.

The European Stability Mechanism has nipped in ahead of a European Central Bank Governing Council meeting later this week to mandate banks for a 10 year euro benchmark. Other euro supply this week could come from Région Île-de-France, which held a global investor call on Monday for a green and sustainability bond.

The European Investment Bank is out with its second five year dollar benchmark of the year, kicking off issuance in what is likely to be the last busy week for dollars before a crucial Federal Reserve meeting next week.

The European corporate high yield market sized up a €1.25bn two tranche deal from Nokia on Monday that became the third biggest high yield bond since August last year.

If you were an enthusiastic participant in any of the last three post-crisis Deutsche Bank rights issues, you might be starting to feel a little jaded. That would be a very reasonable position.

Deutsche Bank’s latest new strategy, published alongside its announcement of a €8bn rights issue, turns its business decisively away from markets and towards banking, as the German bank revives the integrated CIB structure which it dismantled in 2015.

Prices of Deutsche Bank’s euro additional tier one (AT1) bonds leapt higher on Monday, after management approved payment of its additional tier one coupons in 2017 and announced plans to raise €8bn of new capital via a rights issue.

Deutsche Bank confirmed over the weekend that it was preparing an €8bn rights issue, alongside a fresh strategic overhaul that includes a partial IPO of its asset management division and the reintegration of Postbank.

Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month.

SoLocal Group, the French marketing services provider, has completed its €400m rights issue, which involved a debt-for-equity swap.