Germany

Wüstenrot Bausparkasse attracted exceptionally strong demand for its seven year Pfandbrief launched on Tuesday, causing the issuer to increase the deal’s size from an originally planned sub-benchmark size to benchmark. In so doing it further improved the scale and quality of the order book reflecting improved regulatory treatment and index inclusion for the deal.

German e-commerce company fashionette, which sells designer handbags and accessories online, has launched an IPO on the Frankfurt stock exchange. Sources close to the deal are hoping that other large e-commerce listings will boost the flotation.

KfW mandated banks for a seven year euro benchmark on Monday, a deal which was already expected to arrive this week and could well be the German agency’s final public deal in the currency this year.

Wüstenrot Bausparkasse mandated leads on Monday for a seven year Pfandbrief in sub-benchmark size. The German building society’s transaction is set to emerge ahead of another from Bausparkasse Schwäbisch Hall which is also due soon.

Rating: Aa1/AA/AAA

KfW could be set to hit screens with a euro benchmark next week in what may be its final public deal in the currency this year, according to bankers. The bond is likely to come with a seven year maturity, a tenor that the Free State of Saxony struggled with on Thursday, finishing with the book only around half covered.

Shares in two companies, listed on Wednesday, are trading below their IPO price, with bankers blaming more volatile market conditions for the disappointing moves.

The German Ministry of Finance has requested feedback on a draft amendment to the Pfandbrief Act that seeks to bring the country’s laws into line with the EU covered bond directive. The most contentious aspect is the inclusion of a soft bullet maturity.

Kering, the French luxury goods giant, has offloaded a €687m chunk of its stake in German sportswear company Puma, via an accelerated bookbuild.

The German State of North Rhine-Westphalia came to market on Monday for its final benchmark bond issue of 2020 — a €2.4bn sustainability bond. Although NRW is winding up this year's funding, there are still plenty of deals in the pipeline from its fellow Laender.

Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.

This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.