Germany

Rocket Internet has completed the first sale of shares in HelloFresh, the German meal kit delivery company, since its €276m IPO on the Frankfurt Stock Exchange in October.

KfW is set to follow a trio of euro trades in the seven year part of the euro curve last week with an April 2025 benchmark of its own, after mandating banks on Tuesday. Strong conditions mean the deal should receive a warm welcome, said bankers.

German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.

Hanover has become the first city to offer a green Schuldschein.

Not a day goes by without some analyst, regulator or senior exchange executive weighing in on where the clearing of euro swaps should reside post-Brexit.

After an unthrilling first quarter of 2018 for the Schuldschein market, analysts at two Landesbanks have issued pessimistic forecasts for this year’s deal flow and volume.

German building materials company HeidelbergCement sold its first trade of 2018, replicating its last deal of 2017. It also priced the new deal at a spread close to that it paid in 2017.

Rating: A1/A+

In an action not seen for years, a would-be Schuldschein issuer has been forced to withdraw its transaction because investors refused to participate, even after the lead bank offered much more attractive pricing terms.

Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.

Springer Nature, the German publisher of academic journals, has begun investor education for its IPO in Frankfurt.

Some US private placement investors in London are investing more time and resources on bilateral US PP transactions that do not involve either syndication or agent banks, so as to gain full allocations and originate their own business.