Germany
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Deutsche Bank has set the terms for the IPO of its asset management division DWS after securing a sizable anchor commitment from Nippon Life, the biggest life insurance company in Japan. -
Godewind Immobilien, the German real estate company led by the former CEO and CFO of WCM, has filed an intention to float document to list on the Frankfurt Stock Exchange in a €450m IPO.
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The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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Secondary trading platforms for non-performing Schuldscheine provide a compelling answer to some fundamental questions often levelled at the market — and observers should follow their developments enthusiastically.
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Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date after a 24 hour bookbuild.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.
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German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.
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The Euro private placement market might lose some of its smaller borrowers to crowdfunding and technology platforms that offer low cost, speedy loans, market participants observe. But not all in the Euro PP market are gloomy about it.
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Deutsche Pfandbriefbank’s (PBB) decision to issue a five year covered bond this week, instead of the more usual staple of seven or eight year deals, meant it was able to issue in a larger than normal size and pay little new issue premium.
