Germany

A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.

Despite huge demand for shares in the IPO of Knorr-Bremse, its sellers chose a conservative price of €80 a share.

Luxembourg’s SAF-Holland has increased the size of its revolving credit facility, with the commercial vehicle supplier locking in cheaper funding.

SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.

KfW and the Province of Ontario will hit separate parts of the dollar curve on Wednesday, with the former circulating what one on-looking banker described as “punchy” price thoughts. The deals followed a well-received floating rate note from a German Land that doubled in size.

Newlon Housing Trust, a north and east London housing association rated A3 by Moody's, has returned to the US private placement market, raising £135m.

Despite huge demand for shares in the IPO of Knorr-Bremse, its sellers have chosen to be conservative in setting the revised range in the listing, in the hopes of bolstering a positive first day of trading in uncertain markets.

German car manufacturer Volkswagen livened up investors’ Tuesday with a new triple-tranche deal.

Shares in Westwing Group, the German home and living e-commerce platform, fell as much as 11.4% in trading on Tuesday morning after the company priced its €114m IPO at the mid-point of its range.

GlobalCapital understands UK utility company Scottish and Southern Electric (SSE) is roadshowing in the US private placement (US PP) market for £400m ($528m) equivalent offer across dollars and sterling.

A senior fixed income syndicate banker at UniCredit has retired, GlobalCapital understands. Bankers at rival firms hailed him as “a true original and a character”.

Westwing Group, the German home and living e-commerce platform, is due to price its IPO at the middle of the range after the bookbuild was accelerated due to strong demand from investors for the stock.