Germany
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Yields across asset classes plumbed ever lower depths this week but investors were still forced to participate in deals as cash floods into fixed income funds. Now market participants have questioned whether the coming round of likely rate cuts will reveal the limits of investor tolerance. Lewis McLellan, Burhan Khadbai and Bill Thornhill report. -
The Schuldschein market’s first half of 2019 was better than expected, prompting arrangers to believe that this year could break the records set in 2017 for deal numbers and overall volume.
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
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Global Fashion Group, the emerging markets-focused online fashion retailer, has begun trading on the Frankfurt stock exchange, but below its IPO price
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KfW restarted the sterling SSA bond market on Monday, with the first public deal since early June. The German agency found good demand, allowing it to print a size above its minimum target.
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Shares in Airtel Africa are down at 68.5p on their first day of trading in London, over 14% below the IPO price of 80p a share, while VW’s truck division Traton is down almost 2% on its first day in Frankfurt.
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Schuldschein borrowers, with the help of arranging banks, are for the first time offering different pricing ranges on issues of fixed and floating rates, as the market tries to find ways of dealing with the prolonged period of negative interest rates.
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Can a bank ever really be certain about its interpretation of the perfect capital structure?
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Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.
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Buzzi Unicem has returned to the Schuldschein market, looking for at least €100m of debt in four maturities. The pricing levels are tighter than on the Italian cement and concrete group’s debut Schuldschein in 2017. Bankers thought this was thanks to investors' growing familiarity with the borrower, as well as a rating upgrade from Standard & Poor's.
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Global Fashion Group, the emerging markets-focused online fashion retailer, has restructured its IPO on the Frankfurt Stock Exchange in the face of tepid investor demand, having dropped the price to €4.50, below the initial €6 to €8 range, and extended the bookbuilding process by two working days. The two largest shareholders in the company will also now buy half the shares on offer.
