Germany

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.

The State of North Rhine-Westphalia has launched its first ever 50 year benchmark, coming to market just as Bank Nederlandse Gemeenten landed at the short end.

HSH Nordbank has mandated joint leads for a €500m five year mortgage backed Pfandbrief. Investors should benefit from a potential rating upgrade.

The State of North Rhine-Westphalia is set to bring its longest ever euro benchmark, as public sector borrowers line up trades across the currency’s curve.

Deutsche Bahn sold 10 year Swiss franc bonds on Tuesday at a price roughly in line with its euro funding levels.

Crédit Agricole and Münchener Hypothekenbank (MuHyp) found good demand for their covered bonds on Tuesday, but it was Crédit Agricole’s transaction that really stood out by virtue of its size and maturity, which until now had been viewed with trepidation.

Société Générale on Tuesday announced that it had agreed to buy Commerzbank’s equity markets and commodities business (EMC), including market-making flow and products trading as well as exchange-traded fund (ETF) subsidiary ComStage.

HSBC has hired Nicolo Salsano, the former chief investment officer, Europe, for Anbang Group, as head of corporate and institutional banking for Germany, filling the gap left by Norbert Reis.