Germany

Hannover Re has added to a string of recent new issuance from European insurers, opting for an unusual maturity structure for its tier two this week.

NRW.Bank has picked a syndicate of three banks to lead its inaugural Sonia-linked floating rate note, as it looks to become the second German agency to issue a public trade in the format.

German car parts maker ZF Friedrichshafen has closed its Schuldschein and agreed to take just over €2bn, according to market sources. Schuldschein participants believe this demonstrates the private market’s ability to compete with its public equivalents.

German car parts maker ZF Friedrichshafen has closed its Schuldschein on Friday, and is about to decide how big to make the deal. ZF's €2.2bn issue in November 2014 is the biggest deal the market has ever seen — but several sources believe this transaction may be bigger.

Loan heads see green light flash across a torpid picture - Porterbrook launches US PPs under sustainability framework - Bunzl turns bank debt sustainable - ICBC London claims first in EMEA bank green loans

The fragility of Europe's IPO market was hammered home again this week when software company TeamViewer, widely seen as the hottest flotation of the year, whose bookbuild had run according to the textbook, had the legs kicked from under it on its first day of trading after US and UK political shenanigans unnerved investors. Sam Kerr reports.

September has been a bumper month for equity-linked issuance in Europe, with over €3.7bn of new convertible bond sales, according to Dealogic data.

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.