Germany

Aareal Bank launched the first Reg S dollar covered bond of the year on Wednesday. With the bonds offering a substantial pick-up to where Aareal’s euro benchmarks trade, heavy demand came from European investors.

Senvion, the wind turbine manufacturer, has placed itself in administration, an arrangement it hopes will enable it to keep trading while it negotiates with bondholders and other creditors ahead of a full debt restructuring.

The Basque Government was able to tighten pricing by 5bp from initial price thoughts as it received soaring demand for its 10 year sustainable bond on Tuesday — its biggest public issue since 2009.

French telecoms company Iliad has launched a €300m Schuldschein, joining a parade of French firms raising debt through the market this year.

Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.

DZ Hyp attracted an order book that was more than three times subscribed in 30 minutes for its 15-year Pfandbrief issued on Tuesday. Under normal circumstances, this would be astonishing, but in the context of central bank monetary policy, the hunt for yield and the paucity of supply in this part of the curve, the result was to be expected.

KfW extended its syndicated euro curve to 2039 on Monday as it brought a new 20 year line that was priced flat to fair value.

DZ Hyp has mandated lead managers for a rare 15 year benchmark Pfandbrief, which is expected to go very well in the context of the negative rate environment and scarcity of supply in this part of the curve. The transaction could well catalyse other issuers to bring 15 year deals of their own.

Austrian plastics maker Borealis has returned to the Schuldschein market, seeking euros and dollars.

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UniCredit will seek to ensure it hits its 2019 financial targets before going ahead with a bid for Germany’s Commerzbank, if the latter’s talks with Deutsche Bank collapse.

A reverse enquiry was the catalyst behind KfW’s decision to print its first Swedish krona note of the year on Wednesday — one of the largest krona deals issued by the German agency.