German Sovereign

An institutional investor in German car manufacturer BMW sold €198m of preferred shares on Monday night, but the deal was unlikely to inspire other block trades, bankers said, as the equity markets remain highly volatile.

Swiss biotech firm Molecular Partners became the latest victim of the recent bout of volatility in Europe’s markets, as it put its planned listing on hold on Tuesday. More deals could yet fail, bankers said.

Germany’s Fresenius Medical Care launched a $900m high yield bond issue in the US market on Wednesday, via Wells Fargo, Citigroup, Deutsche Bank, Scotia Bank, HSBC and Suntrust Robinson Humphrey.

German property firm TLG is covered on its IPO, bringing fresh confidence to the deal after its future looked to be in doubt only a day before.

Grand City Properties, a Luxembourg-registered, Frankfurt-listed company that invests in German residential property, is expected to price about €350m of high yield bonds on Friday, a banker familiar with the deal said.

The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

The healthy demand for Schaeffler’s three tranche bond issue yesterday, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.

An investor in German car manufacturer BMW sold €198m of shares on Monday night, but the deal was unlikely to inspire other block trades, bankers said, as the equity markets remain highly volatile.

Schaeffler, the German car parts maker, closed books on Tuesday for a three tranche bond issue, €1.2bn-equivalent of senior secured payment-in-kind notes that are the first new issue in European high yield for two weeks.

SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week with the participation of all the invited banks, according to people familiar with the deal.

German ball bearing manufacturer Schaeffler intends to issue €1.2bn-equivalent of senior secured bonds, making it the first high yield issuer in Europe to announce a new deal for nearly a fortnight.