Germany

Deutsche Bank issued the most oversubscribed Pfandbrief since mid-July on Wednesday. The strong showing contrasted to Bawag, which competed less well for investors’ attention with a deal in the same tenor and with the same starting spread. The unconvincing Austrian outcome has caused some to question the market outlook and one borrower to postpone issuance.

TeamViewer, the German remote access software company, has begun trading in Frankfurt after pricing its €2.3bn IPO. But the stock price suffered on its debut as global markets were battered by political volatility, after US Democrats began an impeachment inquiry against president Donald Trump, and the UK Supreme Court ruled prime minister Boris Johnson had broken the law.

Daimler International Finance, a wholly-owned subsidiary of German carmaker Daimler, brought a Rmb500m ($70m) dim sum bond on Tuesday, finding a narrow window of opportunity for a deal ahead of two big liquidity events.

French agency SNCF Réseau steamed on to screens on Tuesday with initial pricing thoughts for a tap of its December 2047 green bond.

Garbe Industrial Real Estate, a German developer, has announced its intention to float Logistrial, its logistical properties unit, on the Frankfurt Stock Exchange.

A run of 10 year covered bond issuance looks set to continue through to Wednesday with Bawag and Deutsche Bank announcing plans for Pfandbrief transactions. Bankers on these deals are hopeful that order book momentum improves, but some are slightly concerned that investor fatigue may be setting in.

Bookrunners on TeamViewer, the German remote access software company closed the books on the IPO on Tuesday and confirmed that many investors will get very little of their orders because of high levels of demand for the transaction.

Norbert Doerr is set to leave his position as head of capital management and funding at Commerzbank, after 12 years working within the German lender’s treasury team.

Please see below.

While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.

SoftBank, the Japanese technology conglomerate, astonished equity-linked bond market participants this week by executing a deft trade, arranged by Credit Suisse, that recovered all its €900m investment in Wirecard, the controversial German payments processing company, while leaving it with upside. Aidan Gregory and Jon Hay report.

German Pfandbrief issuers DZ Hyp and Landesbank Hessen-Thüringen Girozentrale (Helaba) enjoyed strong receptions for their €1bn Pfandbriefe issued this week. Bankers suggested that the German market had a good chance to perform.