Germany
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The oldest private loan market in Germany has bagged the largest private company in India. Reliance Industries, the conglomerate headquartered in Mumbai and founded by Dhirubhai Ambani, has launched a Schuldschein — the first from the country, and what many market participants hope is a sign of things to come. -
The State of North-Rhine Westphalia received a rapturous reception from investors for the syndicated reopening of its century bond on Tuesday, allowing it to print over five times the initial target size.
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Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.
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The State of North-Rhine Westphalia sold its first century bond on Thursday via the private placement market, and is open to the possibility of bringing a syndicated deal in the tenor.
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In this round-up, trade talks between the United States and China continued, the Foreign Investment Law was passed by the National People’s Congress and the US urged Germany to ban Huawei
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Deutsche Telekom became the third blue chip company in a row to issue a multitranche bond with no new issue concession on Tuesday, after PepsiCo and McDonald’s had both pulled off the feat the day before.
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Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via online marketplace VC Trade. Participants are watching closely, to see whether investors will be persuaded to move into a digital world.
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The African Development Bank sold a 10 year benchmark in euros on Thursday that bankers said priced through fair value. Land Schleswig-Holstein was also in the market for the same tenor that extended its curve to 2029.
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German automobiles conglomerate Volkswagen has postponed the flotation of Traton, its trucks division, after the company could not achieve its desired valuation owing to a difficult backdrop for the automobile sector.
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Commercial banks have been flexing their muscles in the Schuldschein market, with three international deals being marketed without a Landesbank in sight.
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Deutsche Telekom became the latest blue chip company to issue a two tranche bond with no new issue concession on Tuesday, making it three deals out of three so far this week that have come without any sweetener for investors, compared with secondary spreads.
