Germany
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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. -
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.
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Deutsche Bank opened books on its first ever preferred senior deal on Thursday, joining Berlin Hyp and Commerzbank in christening the product this week.
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The Federal State of Berlin’s new 20 year bond on Tuesday was almost three times oversubscribed, as investors took advantage of the hefty pick up over Bunds.
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Commerzbank was offering enough of a spread for its debut preferred senior deal to be able to tap into a deep pool of pent-up demand in the euro market on Tuesday.
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Credit Suisse has appointed a new head of its equity-linked debt business in EMEA, following Frank Heitmann’s move to a senior investment banking coverage role.
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Eika Boligkreditt was more than twice subscribed for its no-grow deal on Tuesday, offering German investors a decent pick-up over both Bunds and Aareal Bank, which also came to the market.
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Shares in Senvion, the German maker of wind turbines, are down 5% since the company raised €62.5m via an accelerated bookbuild last week. But the disappointing aftermarket performance is idiosyncratic to the stock, according to a source close to the trade, rather than a symptom of deteriorating sentiment in the blocks market.
