Germany

Acciona, the Spanish infrastructure and renewable energy company, appealed to investors with its green, triple tranche Schuldschein offering, which closed last week at €155m.

Deutsche Bank may devote more resources to its Schuldschein business after its restructuring and cutting of its equities business, a senior banker has said, though it does not plan to hire any extra staff in the area.

Muenchener Hypothekenbank has mandated lead managers to execute a new Reg S dollar Pfandbrief. The deal follows a series of German dollar covered bonds issued at the short end of the curve this year.

Bank of America Merrill Lynch has hired a senior banker from UBS to manage its equity capital markets business in the German-speaking region.

Debt investors are looking at the leveraged bid for German retailer Metro AG by two private investors with uncertainty. Many questions remain about the outcome of the proposed deal, including the fate of Metro’s existing debt.

Germany’s Schuldschein market entered the second half of the year on strong form, after near-record issuance in the second quarter. But sharply tightening pricing in the bond market, which competes with it for deals, could yet scupper hopes for a record year.

BMW returned to the Panda bond market on Wednesday, raising Rmb3.5bn ($509m) from a privately-placed deal. The shortest tranche got plenty of demand from local investors, helped by flush short-term liquidity.

Intermediate Capital Group has hired a managing director of subordinated debt and equity in Germany, a new position.

Berlin Hyp this week attracted strong and broad interest for a green mortgage Pfandbrief that, thanks to a small rise in yields since the deal was mandated, narrowly avoiding being priced with a negative return.

Activity in the green covered bond market is improving with Berlin Hyp (BHH) mandating leads for a green mortgage covered bond this week, just a few days after Société Générale issued its first green covered bond.

DZ Hyp managed to build a substantial book in little time on Tuesday for its second 10 year Pfandbrief of the year, with demand fortunately swelled by an overnight rise in yields.

Deutsche Bank has made deep cuts to its equity sales and trading business, as part of an aggressive restructuring plan. The bank has said it intends to retain a “focused equity capital markets business”, but in practice this means a significant retrenchment, with a strict focus on supporting Deutsche’s core clients in Europe and the US.