Germany
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Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond. -
The Schuldschein market's reputation as a gentlemanly club is at risk of diverging from reality. Competition is becoming fiercer and arrangers are employing every weapon in their armouries to win mandates. This is how capital markets behave — but the Schuldschein market should not follow.
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German supermarket group REWE has doubled its initial target size of €500m, becoming the first corporate in 2018 to place a €1bn Schuldschein loan.
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In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.
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Veteran UniCredit banker Jan Kupfer, will now head corporate and investment banking in Germany for the firm, following Michael Diederich's move to the role of country chairman and chief executive of UniCredit’s German entity. Diederich’s move was announced by the bank in November.
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Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.
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Berlin Hyp is expected to extend its covered bond curve and open order books for an eight year mortgage-backed Pfandbrief early next week, after mandating joint leads on Friday.
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Deutsche Bank found fleeting funding consolation with a tightly priced Pfandbrief this week but, with a considerable funding requirement left to fill, the German bank is braced for a return to senior and subordinated markets where support is likely to be more flighty. Bill Thornhill reports.
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The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.
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A report published on Friday and commissioned by the Capital Markets Union (CMU) locates countries that are well placed to match the domestic success of the French euro private placement (PP) and German Schuldschein instruments.
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A jump in US Treasury yields following a higher than expected US inflation print could boost long end dollar supply from SSAs said bankers, although investors might be keen for concerns over inflation to die down first. Meanwhile, issuers have been focusing on short dated arbitrage style trades with benchmark issuance limited this week — and likely next week — due to the Chinese New Year holidays.
