Germany
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Few German IPOs are expected in the second half of the year and the deteriorating economic outlook is likely to disrupt the equity financing plans of the country’s corporates, particularly mid-cap industrial names that are heavily exposed to their home market. -
NRW.Bank had the dollar market to itself this week, and issuance is expected to continue trickling next week with Ontario Teachers’ Finance Trust poised with a trade.
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Investors in a rare block in Hugo Boss, the German fashion house, sold by Xinglee International Development on Tuesday night, have made strong profits in trading.
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NRW.Bank is taking indications of interest on a five year benchmark trade, though syndicate bankers still expect there to be a fizzle rather than a bang of SSA dollar issuance this week.
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Investors brushed off the coronation of a new pro-Brexit prime minister in the UK on Tuesday to pile into a KfW trade and set a new size record for the sterling SSA green bond market.
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The State of North Rhine Westphalia was flooded with demand for its 30 year euro benchmark on Tuesday as investors braced for the European Central Bank's meeting on Thursday, in which it is expected to lay the groundwork for a rate cut in September.
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German car parts maker ZF Friedrichshafen, which issued the largest ever Schuldschein in late 2015, is set to make a grand return to the market this year.
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KfW picked banks on Monday for its first green bond in sterling since July 2015, as it increases the volume of its green bonds under its new framework.
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The State of North Rhine Westphalia mandated banks on Monday for a 30 year euro benchmark, ahead of a highly anticipated European Central Bank meeting later in the week, in which analysts expect the central bank to hint at a rate cut in September.
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Financial institutions have nearly already raised as much green bond funding in 2019 as they did across the whole of last year, with LBBW’s funding chief suggesting that the market is still ‘growing on both sides’ as it is seeing more investor demand and issuer interest.
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Lloyds Bank was able to increase the size of its second dollar bond issued in less than a year, but still paid a minimal new issue concession. It followed Munchener Hypothekenbank (MuHyp) which issued a highly oversubscribed and tightly priced Pfandbrief on Tuesday.
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