Germany

Investors piled into KfW’s first dollar benchmark in six months on Tuesday, allowing the issuer to break the order book record for SSA dollar benchmarks.

Japan’s Meiji Yasuda Life Insurance Co has sold €125m of shares in Talanx, the German business-to-business insurer, after the stock rallied by more than 50% from its post-crash lows in March.

Niedersachsen Invest GmbH, the financing vehicle 100% guaranteed by the State of Lower Saxony with a policy mission for the recapitalisation and long-term restructuring of NordLB, received a strong reception from investors for its debut bond on Monday.

KfW mandated banks on Monday for a highly anticipated return to the dollar market following its previous benchmark in the currency back in January. The German agency will be joined in dollars by the Asian Development Bank, which is preparing a three year trade.

While the coronavirus pandemic and its economic consequences are still a global threat, new sources of funds have enabled KfW to reduce its capital markets requirement for 2020. The German promotional bank's treasurer, Tim Armbruster, and head of capital markets Petra Wehlert discussed the matter with GlobalCapital.

Social commercial paper could be on its way to the SSA market, with several issuers telling GlobalCapital that investors are interested in the product. However, some are sceptical that themed debt will work in CP format.

Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.

Guarantor: Federal State of North Rhine‑Westphalia

KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.

NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.

SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.

ADO Properties, the commercial and residential property developer in Germany, launched a €450m capital raising on Thursday, to pay off the debts of its peer, Consus, in which it will take a controlling stake.