Germany

German bank senior preferred credit default swaps (CDS) will begin trading from May 13, after changes in German national law in 2018 that created a way for banks to issue senior preferred debt.

Evotec, the biotech and healthcare company headquartered in Hamburg, has launched a Schuldschein with a €100m starting target.

Hamburg Commercial Bank is set to meet with investors from May 6 to explore the possibility of selling its first ever preferred senior bond in euros. Onlooking bankers expect a positive reception for the German lender, which used to be known as HSH Nordbank.

BASF’s oil and gas unit Wintershall and rival DEA have completed their merger, creating the largest independent oil and gas company in Europe, paving the way for a blockbuster IPO on the Frankfurt Stock Exchange in 2020.

Groupe PSA, the French car maker, has sold more than €500m of Schuldscheine, as a flurry of French firms find fortune in the market.

The head of FIG origination and syndication at NordLB has resigned and is understood to be heading for Landesbank Hessen-Thüringen (Helaba), where he will have an expanded role.

De Volksbank has mandated joint leads for a non-deal roadshow to market its green bond framework. At the same time Berlin Hyp has boosted reporting standards on its green portfolio.

The arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that though the oversubscribed order books closed on Monday, they have extended the timetable for settlement to allow some investors “additional time to firm up their orders”.

JP Morgan is marketing a single-B rated high yield bond to fund the acquisition of developer CG Gruppe by Consus Real Estate, a further sign that the bond market is wide open and keen to take down more aggressive, highly levered deals.

FMS Wertmanagement has made an internal appointment to its capital markets team to look after its funding in dollars and sterling.

Danish agricultural company Dansk Landbrugs Grovvareselskab (DLG) entered the Schuldschein market on Monday, in search of at least €100m.

Schuldschein buyers fear a further round of price tightening is nearing after Continental and Lufthansa both closed transactions that were three or four times oversubscribed. But as investor orders were substantially scaled back in both instances, some are considering inflating their bids to guarantee their desired amount.