Germany
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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.
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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.
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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.
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KfW is aiming to issue a fifth dollar benchmark this year, following the success of its first global dollar benchmark tap since 2013 earlier this week.
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Negotiations between the European Parliament, the European Commission and the covered bond industry around asset eligibility are like trying to “put a square peg in a round hole” and have proved to be the “mother of all discussions”, said key representatives of the two organisations at the European Covered Bond Council’s (ECBC) 28th Plenary Meeting in Munich on Wednesday.
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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.
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Deutsche Kreditbank and Skipton Building Society both announced mandates for euro-denominated covered bonds on Wednesday, with DKB’s to come as its debut social bond.
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The Inter-American Development Bank and KfW drew strong demand in the dollar SSA market on Tuesday, with the former issuing just the fourth 10 year dollar benchmark from an SSA of the year.
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A very large block trade, relative to the market cap, is taking place tonight in shares of Instone Real Estate, the German residential property developer. The €413m trade covers 49.6% of the capital.
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Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn.
