Germany

German real estate firm ADO Properties has sold a €400m five year high yield bond, its first since an audacious merger with competitors Adler Real Estate and Consus.

Phoenix Pharmahandel, the German pharmaceutical company, issued a five year euro-denominated bond on Wednesday, as pharma companies across the credit spectrum continue to hold investors’ attention.

Frankfurt Trade Fair, the events organiser and world’s largest trade fair, is looking to issue Schuldscheine, according to market sources, for the first time in its 800 year history. The events industry has suffered through the pandemic, as organisers have had to postpone or cancel conferences, or reproduce them digitally, as a result of lockdowns.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, July 27. The source for secondary trading levels is ICE Data Services.

German pharmaceutical company, Phoenix Pharmahandel (Phoenix Group), held investor calls on Monday after mandating banks for a sub-benchmark sized offering in euros. The deal is the latest stab at funding by a pharmaceutical company — a sector which has lured greater numbers of investors thanks to the coronavirus pandemic.

Vodafone has planted its flag to lead the 2021 IPO calendar, with the listing of its European towers unit in Frankfurt.

Tight trading levels will make covered bonds an attractive asset class for statement trades and issuers outside of the euro area, but market participants say that this is unlikely to be enough to lift overall supply volumes out of the doldrums in the second half of 2020.

BioNTech, the German biopharmaceuticals company, is selling 5.5m American Depositary Receipts (ADRs) on the Nasdaq through a share sale and a rights issue. The company, which is working with Pfizer to develop a vaccine for Covid-19, is the latest issuer to hit the market in a wave of biotech ECM issuance — but buyers are being warned against being too eager, reports Sam Kerr.

Guarantor: Federal Republic of Germany

Deutsche Bank has taken advantage of the addition of more collateral to its Pfandbrief mortgage pool following the merger with the former Postbank entity to issue more than €2bn of retained covered bonds.

Investors turned out in force as KfW brought its first benchmark green bond of the year this week. The strong demand allowed the German agency to print its joint biggest ever green bond on the back of its largest ever order book for such a deal along with an attractive pricing advantage over a conventional bond.

Reports that the European Central Bank (ECB) could ask banks to suspend dividend payments until the end of 2020 sent subordinated debt higher and stocks lower this week.