Germany

KfW brought its revamped green framework to the Norwegian krone market to print a deal on Tuesday. Later that week, strong demand from domestic and international investors let the issuer increase the note to a record breaking size, printing the largest Nokkie green bond across any asset class.

Aperam, the steel producer headquartered in Luxembourg, has entered the Schuldschein market, on the hunt for at least €100m.

German equity capital markets are likely to be quiet for the rest of the year amid a worsening outlook for the country’s economy, which has been battered by trade tensions between the US and China and is also highly exposed to the threat that UK may crash out of the EU without a deal in October.

Investors showed resistance to Germany's first ever 30 year bond sale without a coupon on Wednesday, as the total bids fell below the size of the trade. However, some analysts said the trade offered good value, with yields set to fall further as the European Central Bank prepares to inject fresh stimulus into the eurozone.

BerlinHyp (BHH) reopened the covered bond market after the summer break with a €1bn three year that yielded almost 20bp less than the European Central Bank’s deposit rate. The transaction could cause some issuers to reconsider their funding approach as the deal can profitably refinance liquidity borrowed under the last Targeted Longer-Term Refinancing Operation (TLTRO II).

Deutsche Pfandbriefbank announced on Friday that it is planning to meet investors in the sterling market next week to gauge appetite for a possible senior preferred bond.

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German healthcare company Fresenius has launched a Schuldschein across three tenors.

ZF Friedrichshafen is targeting the end of August to launch its grand return to the Schuldschein market, according to people with knowledge of the situation. The German car parts maker’s €2.2bn issue in November 2014 is the biggest deal the market has ever seen but a bigger deal may be on the way.

German housing company Gewobag has closed a Schuldschein in the next few days with well over €1bn of orders, in a transaction that could be the largest of this year so far.

Participants in the financial institutions bond market had expected that issuers could hit screens with new transactions as early as this week, but so far macroeconomic and political uncertainty has discouraged them from putting investor appetite to the test this summer.

Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.