Germany
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The IPO of Siemens Healthineers, the healthcare technology division of Siemens, is covered throughout its revised price range, according to a banker involved in the transaction.
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Tikehau Capital, the French alternative investment manager, has committed a €250m order for the IPO of DWS Group and has initiated discussions on potential cooperation between the two firms, including on alternative asset management distribution. -
Landesbank Hessen-Thüringen (Helaba) has returned to the Pfandbrief market for the second time this year to issue a dual tranche offering, with the shorter five year part pricing 3bp wider than a six year launched a few weeks ago.
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Morgan Stanley issued a €400m bond on Monday, with warrants over Daimler shares, in a trade designed to give equity linked investors some much needed paper in a popular name.
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Bayerische Landesbank (BayernLB) issued a €500m seven year in line with recent German Pfandbrief this week, but with a generous pick-up of 5bp compared with its own more illiquid curve.
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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.
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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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