German Sovereign

German online retailer Zalando completed a heavily oversubscribed IPO on Tuesday, finding strong demand despite competing for attention with much bigger peers.

German cable firm Tele Columbus launched an IPO on Tuesday, hoping that another deal from the sector after what has been a busy year for cable will help rather than hinder the flotation.

Norma Group, the German engineering company specialising in pipe fixings and connectors, has agreed a €100m term loan and €50m revolving credit facility. It will use the money to pay back the rest of its bank loans signed in 2011, which were due in 2016.

SGL Carbon, a german chemicals firm, is set to raise €267m through a rights issue that will allow it to reduce its debt.

German e-commerce startup incubator Rocket Internet has brought the close of its IPO forward by a week on Friday, after receiving what it said was exceptional investor demand throughout the price range.

TLG launched an IPO on Friday that will allow the German property firm to grow.

Commerzbank issued a €1bn five year mortgage Pfandbrief on Monday, achieving a spread that was in line with French borrower Compagnie de Financement Foncier (CFF) two weeks ago. The pricing shows that there is no longer a spread between French and German covered bonds, and bankers expect more jurisdictions to catch up soon.

The ECB will refrain from aggressive purchasing during the third covered purchase programme (CBPP3). Ulrich Bindseil, director general of market operations at the European Central Bank, and the lead architect of the programme, told GlobalCapital in an interview last Friday. He said that he expects CBPP3 to lead to tighter spreads which will encourage more issuance.

Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing.

German telecoms firm Telefónica Deutschland saw a near complete take-up on a €3.6bn capital raise that will fund its part of an acquisition of KPN's German operations E-Plus.

German startup incubator Rocket Internet began bookbuilding on Wednesday on an IPO that could value it at up to €6.2bn.

Seven German regions priced a no-grow €1bn September 2024 on Wednesday morning. The issuer had to print at the long end of the curve to entice demand, according to the leads.