Germany
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Koos Timmermans, the outgoing chief financial officer of Dutch bank ING, will be stepping down from his role as the chairman of the working group on euro risk-free rates, according to a European Central Bank (ECB) spokesperson. -
IDB Invest hit screens for a three year dollar bond on Monday, as the pipeline for the currency grew for the final quarter.
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Exyte, the German company that designs and builds high tech facilities such as laboratories and factories, has unveiled its plans to go public on the Frankfurt Stock Exchange in October, having filed an intention to float document on Monday.
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Two €500m deals issued by Commerzbank and ASB Finance went well enough. The New Zealand deal attracted new investors and hit the issuer’s funding target. However, Commerzbank was unable to tighten pricing by much, underscoring the impression that market sentiment had deteriorated slightly.
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State-owned German rail operator Deutsche Bahn took the opportunity to make the most of the European Central Bank’s corporate bond buying programme when it sold a €500m 12.5 year deal on Thursday.
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The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.
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The State of North Rhine-Westphalia is looking to return to the short end of the dollar market, following a well received 60 year deal this week that was its longest ever euro benchmark.
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LafargeHolcim has returned to the Schuldschein market looking for €300m, across dollar and euro tranches, alongside raising long-dated US private placements.
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KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve.
