Germany
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With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer. -
The use of technology to drive down the cost of issuance could boost the growth of private debt markets across Europe, said a report commissioned by the Capital Markets Union (CMU) published on February 16.
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US private placement investors are becoming more comfortable with buying sterling tranches, which bankers said will drive pricing down for borrowers.
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After the recent equity market volatility, Siemens has decided to push on with the spin-off of its healthcare division, which promises to be the biggest IPO in Germany since the flotation of Deutsche Telekom in 1996. The deal is the first in a promising pipeline of corporate carve-outs this year, writes Aidan Gregory.
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Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.
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The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday.
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Grand City Properties, the German residential property firm, printed eight and a half year bonds on Wednesday, in the second foreign real estate deal in Swissies since 2013.
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Deutsche Boerse's new CEO, Theodor Weimer, said this week that, given the low market volatility of 2017, there were "headwinds" for the exchanges group, but that there was opportunity heading into 2018.
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The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.
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Jacquet Metal Service, the French steel parts and distribution company, has raised €150m with its second Schuldschein.
