Deutsche Bank

An investor reappraisal of additional tier one paper left the asset class trading at unprecedented lows on Monday, forcing Deutsche Bank to reassure the market of its ability to pay its coupons.

Cigar and pipe tobacco maker Scandinavian Tobacco has narrowed the price range for its IPO, and is oversubscribed throughout the range. According to a banker on the deal, investors are flocking to a stock they can trust, as European indices fall sharply.

Ascential, the information and events business formerly known as Top Right Group and Emap, narrowed the price range for its IPO before closing the book on Monday.

Ascential, the information and events business formerly known as Top Right Group and Emap, has narrowed the price range for its IPO, homing in on the middle of the original range, and is covered within that range.

Hypo Tirol overcame lingering concerns in the aftermath of the Heta Asset Resolution debacle to issue an oversubscribed and relatively well distributed five year Pfandbrief on Thursday.

The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports.

Deutsche Bank’s riskiest subordinated debt hit fresh lows on Thursday, and some of its rivals have been dragged into the sell-off as investors worry about certain exposures and tumbling profits.

The first missed additional tier one (AT1) coupon payment may not be the harbinger of impending doom some think, but the implications for banks’ capital costs would be severe.

As European equity markets briefly rallied on Thursday, Ford Credit Europe (FCE Bank) and Praxair stepped into the breach, printing €1.9bn of paper for a starved primary market.

Italy set bankers’ hearts aflutter this week with an early contender for deal of the year, breaking several records with a €9bn 30 year benchmark. But more importantly, the trade blasted open a hole at the long end that other sovereigns could pile through.

Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.

The German lender can’t afford any further introspection after losing its place at the summit of European corporate finance, writes David Rothnie.