Germany

Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.

KfW on Monday priced a tap of its recent 15 year euro bond in line with guidance, doubling the overall deal size to €2bn.

The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.

Hypo Vorarlberg (Vorhyp) and Bayerische Landesbank (BayernLB) have mandated leads respectively for eight and nine year €500m no-grow covered bonds.

The China Europe International Exchange (Ceinex) has released detailed guidelines for Chinese blue-chip issuers hoping to list in Frankfurt through D-shares.

A German sub-sovereign astonished the SSA market this week, selling a 50 year benchmark to show that, despite the expectations of rising rates in euros, some investors at least are still happy to put money into assets at the ultra-long end. Lewis McLellan reports.

A pair of European agencies have increased their funding target ranges for 2018 as they prepare for the second half of the year.

German healthcare company Fresenius this week opted to issue a €500m no-grow seven year trade following a roadshow, a choice which rewarded it with an order book that was more than five times subscribed.

KfW is looking for an extra €5bn of funding this year, after raising its 2018 target as it printed its half year funding report.

HSBC Germany has launched a digital platform for Schuldschein issuance called Synd-X, following in the footsteps of Helaba and LBBW. But unlike its German peers, it aims to preserve the role of banks as gatekeepers to the market.

Germany may have been kicked out of the FIFA World Cup but they still know how to issue a good Pfandbrief, according to a German lead manager who worked on HSH Nordbank’s five year Pfandbrief that was launched on Thursday alongside an Austrian deal — Raiffeisenlandesbank (RLB) Oberösterreich’s 10 year, which also achieved an excellent reception.

GlobalCapital requests that market participants nominate the best lead managers, issuers and deals for the voting shortlists for this year’s Covered Bond Awards. These should be submitted by July 8 and will be voted on by the market from late July to mid-August.