Germany
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Commerzbank was careful to leave a bit of premium on the table for investors on Wednesday, as it took home €500m of seven year funding ahead of the Thanksgiving holiday in the US. -
Grenke priced an additional tier one (AT1) bond on Tuesday, enjoying strong appetite from domestic investors. The German lender raised €75m, an additional €25m compared with the expected size.
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GlobalCapital understands that Germany is finalising plans for the issuance of its debut green bond, which will be sold in the first half of next year alongside an ordinary Bund with the same maturity and coupon.
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German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.
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Grenke on Monday announced new plans for additional tier one (AT1) bond on Monday. The bank and leasing company could be looking at a small issuance window for its offering, with DCM officials predicting an early end to the year for deal flow.
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In this round-up, the China Europe International Exchange (Ceinex) is working on establishing a Stock Connect scheme between China and Germany, the National People’s Congress criticises the Hong Kong High Court’s decision around the anti-mask law and the People’s Bank of China lowers its benchmark interest rates.
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
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Schuldschein salespeople, ever on the hunt for new investors with deep pockets, are targeting institutions with environmental, social and governance (ESG) portfolios as the trend for green deals flourishes.
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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.
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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.
