Germany

LafargeHolcim has returned to the Schuldschein market looking for an initial size equivalent to €300m, across dollar and euro tranches.

The European Mortgage Federation — European Covered Bond Council (EMF-ECBC) has reached consensus on four critical areas of concern in response to a draft report from the European Parliament’s Economic & Monetary Affairs Committee (ECON) on the European Commission’s proposals for a covered bond legislative framework.

Knorr-Bremse, the historic German manufacturer of brake systems for trucks and trains, has started one of the largest German IPOs of the year, having filed an intention to float document on Monday morning.

Nasdaq Clearing said early on Monday that it had replenished 90% of its member default fund, adding it had “no indication” that a member would shirk on its commitments. The deadline for replenishment is on Monday.

GlobalCapital understands that next month the Loan Market Association (LMA) will publish a set of standardised documentation for issuance in the Schuldschein market. Market players see this as a step in the right direction, as opposed to a leap.

Nationale Nederlanden Bank has mandated leads for a 10 year euro denominated conditional pass through (CPT) covered bond and Aareal Bank has issued a fixed rate sterling Pfandbrief.

Germany’s largest gas transmission system operator Vier Gas wasted no time on Monday in launching a €500m 10 year corporate bond deal it had marketed to investors last week. The demand it received justified that move.

Guarantor: Federal Republic of Germany

Porsche Holding, the car distributor headquartered in Austria, launched a triple tranche Schuldschein on Thursday, which offered tighter margins for floating rate notes — a near novelty in the Schuldschein market, but a novelty that made sense to many market participants.

SGL Carbon, a carbon product manufacturer, has issued a €159.3m unsubordinated, unsecured convertible bond to refinance existing debt and increase flexibility for further company growth.

German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.

Deutsche Bank has disclosed a 22% stake in Instone Real Estate, the German residential property developer, after a highly unusual block trade in the stock earlier in the week that failed to clear.