Germany
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A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter. -
Neopost, the French postal equipment maker, is marketing a dual currency Schuldschein, becoming the latest in a run of French firms to enter the market.
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Berlin Hyp has offered to buy its sole remaining public sector Pfandbrief, which is due to mature in May, after Moody’s withdrew the bond’s Aaa rating on Monday.
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A senior director in the capital markets funding team at a German agency has left to join UniCredit’s FIG team in Munich, GlobalCapital understands.
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With yields compressed in the short end, bank treasuries are moving further along the SSA curve for bigger returns, creating a sweet spot in the 15-20 year segment.
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Shares in Deutsche Bank, the largest bank in Germany, fell as much as 4.5% on Thursday after reports that it is considering raising fresh equity capital to finance its potential merger with Commerzbank, two years after its last €8bn rights issue.
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Germany saw strong demand this week for its first 10 year auction with a negative yield since May 2016, as investors pile into safe haven assets amid fears of a global slowdown in growth.
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Goldman Sachs this week completed a €612m delta placement of shares in Hochtief, the German construction company, to hedge itself after providing a funded collar transaction to Atlantia.
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Sean Tai, founder of Debtdomain, spoke exclusively to GlobalCapital to discuss digital platforms in the Schuldschein market: their future, barriers to entry, the risk of fragmentation — and the possibility that Debtdomain's functionality could broaden.
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Land Berlin saw orderbooks swell to around four times the size of its €500m no-grow trade on Tuesday, with leads saying the 15 year maturity is the sweet spot to attract bank treasuries.
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Raiffeisen Bank International has launched a digital platform for Schuldschein and loan transactions, called Yellowe.
