Germany

Consus Real Estate, the German property development company, has fixed the terms for a €287m capital increase that it announced last month to finance its pipeline projects.

Issuance of US private placement debt has fallen by up to a quarter year on year, according to US PP market participants. The fault lies in the US — as opposed to Australia and Europe — as the cost of debt begins to rise for issuers alongside US rate rises.

EA Partners II, the structured high yield bonds backed by loans to several airlines which are partners of Etihad, announced a note event of default on Friday, thanks to the low bids it received for loans to Air Berlin and Alitalia, both of which collapsed last year.

Berlin Hyp (BHH) was on Monday set to issue its largest covered bond in four years, and with the shortest tenor of any European deal so far this year.

Barclays is working hard to expand its equity capital markets business in Northern Europe, in a bid to capitalise on what it expects to be a busy few years for the region.

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.