Germany

The €478m IPO of Instone Real Estate, the German home builder, is covered at its full size, less than four working days into the bookbuild.

Deutsche Apotheker- und Aerztebank issued a tightly priced €500m seven year mortgage Pfandbrief on Tuesday, paying a minimal new issue premium even though market conditions were awful.

Koenig & Bauer, the German printing press maker, has made its debut in the syndicated loan market, agreeing facilities totalling up to €400m from eight banks.

Deutsche Apotheker-und Aerztebank (apoBank) has mandated joint leads for a seven year Pfandbrief. It follows one of the busiest starts to the covered bond market in years. With a more limited supply outlook spreads should stay stable for now. But with yields rising and relative value declining, core European borrowers will become ever more reliant on the Eurosystem to support their deals.

German housebuilder Instone Real Estate could be worth as much as €943m when it lists on the Frankfurt Stock Exchange this month if its IPO is priced at the top of the range.

Despite the latest bout of negative publicity surrounding it having used monkeys in emission tests lingering in the press, investors were still keen to buy Volkswagen’s new sterling corporate bond on Friday. The German car maker got over £500m of orders for the 4.5 year fixed rate deal.

France and Germany want to restrict the options for how a common European pension plan pays out, privileging annuities over lump sums, while keeping national authorities responsible for implementing the label, according to a 'non-paper' drafted by both countries together and seen by GlobalCapital.

The chief strategy officer of Eurex Clearing, Matthias Graulich, has dismissed claims that euro interest rate swap clearing costs would increase substantially if moved to the EU 27 from London, noting that liquidity indicators for the product are already improving at Eurex.

Landesbank Hessen-Thüringen Girozentrale (Helaba) and Sparkasse Pforzheim Calw issued tightly priced Pfandbriefe with quite limited demand on Thursday.

Avedon Capital Partners, Bain Capital, Black Diamond and Cinven have launched the first post-IPO selldown of shares in JOST Werke, the German maker of axles and chassis for lorries and trailers which listed on the Frankfurt Stock Exchange in July 2017.

Shares in Steinhoff have fallen by over 12% in trading on Tuesday as the firm informed the Dutch regulator that it would not be publishing its 2017 financial results by January 31.

Deutsche Hypo returned to the covered bond market on Tuesday, following the wake of a series of German borrowers last week, to issue a four year tap. Although the pipeline is empty, 'the floor is wide open’ for an opportunistic issuer to follow on Wednesday.