Germany

Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.

LEG Immobilien, the German property company, marketed a multi-tranche bond on Tuesday. Investors looked at the curve of domestic rival Vonovia to divine relative value.

Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.

German supermarket group Rewe has entered the Schuldschein market, looking for at least €300m to pay in part for its acquisition of German wholesaler Lekkerland.

The State of North Rhine Westphalia (Land NRW) was the only public sector borrower to announce a euro benchmark transaction on Monday, as it appointed banks to lead new 10 and 20 year sustainability bonds.

DZ Bank has appointed a new head of covered bonds in a move that acknowledges the bank’s growing league table presence in the euro covered bond market, particularly in Canada and Slovakia.

All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.

Deutsche Pfandbriefbank (Pbb) had been spying a chance to tap the sterling market since August for an inaugural senior transaction. The German bank found a good window this week and, even though it attracted only just enough orders to launch the £250m preferred senior bond, a banker on the deal said the trade "ticked all the boxes".

KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.

Shares in CTS Eventim, the German ticketing and live events company, plunged more than 8% on Thursday after Klaus-Peter Schulenberg, its billionaire founder and CEO, sold €218.4m of stock.

KfW’s first €STR bond hit the market on Wednesday. Although the German agency managed a tighter price than EIB’s first note in the format, it was not able to drum up the same level of demand.

Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero last week. Market participants said more will follow in 2020.