Germany

Berlin Hyp AG (BHH) has mandated joint leads for its third deal of the year, and the shortest maturing covered bond issued in euros from a eurozone bank in 2018. The appealing tenor and lack of guidance on deal size raises the possibility of a larger than usual transaction size.

Guarantor: Federal State of North Rhine‑Westphalia

Several international borrowers are marketing in the Schuldschein market. Though there are several idiosyncratic reasons for each, the prevailing idea is the instrument is competing with the unrated bond market on price again.

German construction firm Hochtief opted for a €500m no-grow deal when it came to market for the first time as a rated company this week. The company gained a BBB rating from Standard & Poor’s in May 2017.

Two German issuers sold corporate bonds on Tuesday and on Thursday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.

Germany’s largest residential real estate company, Vonovia, took its total bond issuance year to date to €3.6bn after announcing a €500m no-grow five year deal as it continued to fund its M&A activity.

Veteran Deutsche Börse executive Jeffrey Tessler has been appointed chairman of derivatives exchange Eurex Frankfurt and clearing division Eurex Clearing.

Two German issuers sold corporate bonds on Tuesday and, after a day many Germans may want to forget on Wednesday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.

Deutsche Apotheker-und Aerztebank (ApoBank) issued a comfortably oversubscribed 10 year Pfandbrief which was priced at the widest level of any German 10 year issued so far this year.

Italian tyre company Pirelli has launched a Schuldschein after a six year absence from the market. This is a clear illustration, Schuldschein market participants said, of the resilience of the product, versus the shakier backdrop of public bonds.

After a series of 10 year Pfandbrief flops, Deutsche Apotheker-und Aerztebank (ApoBank) has decided to test appetite for another German 10 year with, unusually, its second deal of the year.

Akasol, the German battery maker, has narrowed the range on its €100m Frankfurt flotation a day before closing the books.