Germany

Top officials from global supervisory bodies furiously debated the implications of new European rules that change the oversight of foreign clearing houses, covering the role of central banks, national regulators and arrangements in crisis situations.

KfW will bring what bankers say will be the first “real jumbo test” for the market since a wave of Italy-led volatility hit bonds last week.

Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.

Scottish Mortgage Investment Trust has raised £170m in long-dated US private placement notes.

Hamburger Sparkasse (HASPA) paid a small new issue premium for its five year Pfandbrief on Tuesday, and will be followed on Wednesday with more German covered bonds in the belly of the curve from Commerzbank and Stadtsparkasse München. Despite the ease of five year execution, some bankers believe the 10 year is also open — and could soon be supplied by a fourth German issuer.

Larry Thompson, vice-chairman of the Depository Trust & Clearing Corp, on Tuesday suggested that populist rhetoric in the US might be overshadowing President Trump's strong choices of leaders in independent financial oversight agencies.

The State of North Rhine-Westphalia (Land NRW) hit screens on Monday to announce a long dated euro benchmark.

Hamburg Sparkasse has appointed leads for a five year Pfandbrief. The mandate announcement has emerged as dealers report switching interest in Belgian covered bonds.

Bayer, the German life sciences company, this week unveiled the terms for a €6bn rights issue, after its acquisition of Monsanto, the US agrochemical and biotech company, cleared its final regulatory hurdles last week.

On Monday, Volkswagen reopened the euro corporate bond market after a blank week. The German car company’s financial arm was the only corporate issuer to brave the market on the day and, despite issuing a €1.5bn triple tranche deal, kept its longest maturity at six years.

Home24, the German online furniture retailer backed by Rocket Internet, has opened the books on its IPO on the Frankfurt Stock Exchange.

Only the punchiest private debt players would commit this sentiment to public record, but they have a little secret: volatility makes their pitch that much sweeter. As the euro bond market scrabbles for stability, Schuldschein and US private placement agents are quietly spotting opportunity.