Germany
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Hyp Noe’s tightly priced €500m Aa1 rated seven year covered bond issued on Tuesday was thinly oversubscribed, in contrast to a similar sized triple-A rated six year from BayernLB which found greater demand despite being priced tighter and with a smaller concession. -
German exchange group Deutsche Börse has bought a minority stake in fintech company HQLAx and says that it is “likely to acquire further shareholdings” at the end of the year.
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FMS Wertmanagement will join the seven year sterling rush after mandating banks on Friday for a new benchmark trade.
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With interest rates expected to rise, the ability to offer delayed funding on attractive terms is becoming more important for investors in sterling US private placements (PPs). Some are struggling to get into deals as they cannot compete with their rivals’ terms, writes Silas Brown.
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Equity strategists at a bulge bracket bank are foreseeing volatility in Bayer’s share price around the time its €4bn mandatorily convertible bond matures next year, particularly because of its legal problems over a Monsanto weedkiller, and are pitching clients a strategy to profit from this, writes Costas Mourselas.
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Berlin Hyp, Commerzbank and Deutsche Bank used this week’s supply window to launch the first three preferred senior deals out of Germany, which has only just legislated for issuance in the asset class.
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Baumarkt, the German DIY retailer, has launched a Schuldschein via Debtvision, LBBW’s digital platform.
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BMW and Daimler reopened Europe's corporate bond market on Thursday in emphatic style, reminiscent of the market's usual reopenings after Christmas, when car companies often take the lead. Such a clear and classical restart to issuance, this early in August, is unusual.
