Germany

L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.

A 13.3m share sale in Zalando, the German e-commerce company, met with strong investor interest on Monday night.

KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

Erste Abwicklungsanstalt and NRW.Bank both had a boost on Monday after S&P upgraded their credit ratings a notch, following an upgrade to the State of North Rhine-Westphalia.

Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation. Headline deals from car companies in both European and US private debt markets this year has led market players to believe private investors are taking a rather forgiving approach to the industry’s challenging moment. Silas Brown reports.

SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.

The IPO of TeamViewer, the German software company, is proving popular with investors. The books are covered throughout the price range, after less than a day of bookbuilding.

BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.

The prospective growth of green and sustainable covered bond funding, and the Covered Bond Directive, were key topics at the well attended European Covered Bond Council’s 30th plenary session, held in Munich on Wednesday, especially with respect to the Pfandbrief market, which celebrates its 250th anniversary this year.

The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.

As climate change takes hold, banks could incur losses in a very different way from what is typically captured by using credit risk modelling, delegates heard at the European Covered Bond Council’s 30th plenary meeting, held in Munich on Wednesday.

The car industry has long been a staple of the Schuldschein market, but this year more than borrowers than usual have taken a spin round the market in search of debt. The product has attracted a wide range of manufacturers, from its native Germany and the rest of Europe.