Germany

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.

On Tuesday, two German property-related corporate bond issuers achieved successful funding for their M&A activity by marketing their deals with no-grow approaches. Both companies priced €500m of bonds.

Meyer Turku, the Finnish shipbuilder, has launched a debut Schuldschein deal, as the instrument grows in popularity in Northern Europe.

More companies are planning to follow Qingdao Haier’s lead as it prepares to sell the first batch of D-shares, a new asset class for Chinese stocks listed in Germany, a spokesperson at the China Europe International Exchange (Ceinex) told GlobalCapital Asis's sister publication GlobalRMB.

American agricultural equipment firm AGCO has launched a Schuldschein transaction, following in the footsteps of Sherwin Williams and Wabco.

France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.

Euro private placement lenders are limbering up for a fight over the right to refinance the first generation of Euro PP deals, many of which are maturing this year. The market began in earnest in 2012, and many of the deals had six year tenors.

It was the deal the corporate bond market had been waiting for. German pharmaceuticals company Bayer had flagged a €22bn bond equivalent bond deal to finance its acquisition of Monsanto. The deal was executed efficiently in the dollar and euro markets, but what wasn’t expected was the wave of confidence that washed over the rest of the European corporate bond market as a result.