Germany

Telefonica Deutschland launched a €200m Schuldschein on Thursday, which included a €50m one year tranche that was placed using blockchain technology.

NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.

State owned German rail operator Deutsche Bahn steamed back into the investment grade corporate bond market on Thursday, choosing an unusual maturity that was still well received by investors. The same applied to Ren Finance, which brought a sub-benchmark 10 year deal following a roadshow earlier in the week.

The Inter-American Development Bank provided further proof on Wednesday that there is deep demand at the five year part of the dollar curve — but another supranational is stepping up to test the long end of the currency for the first time this year.

Expat Asset Management has joined German exchange group Deutsche Boerse as a new exchange traded fund issuer, debuting with an ETF that provides exposure to Bulgarian stocks.

German retail group REWE International has become the first company to launch a Schuldschein at benchmark size this year, a sign that German blue chips may be active in the market this year.

On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.

NordLB has mandated joint leads for a 10 year Pfandbrief which some bankers believe will prove an ‘interesting’ trade, reflecting the view that spreads are tight to competing agency paper.

The trend for green debt issuance is set to touch the US private placement (PP) market this year, bringing yet another segment of the debt capital markets within its ambit.

The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

Deutsche Bank opened books on three tranches of non-preferred senior debt in the euro and sterling markets on Tuesday, becoming the latest European financial institution to knock out multiple funding obligations in one go.

Jacquet Metal Service, the French steel construction and distribution company, has launched its second Schuldschein, aiming it at Asian and European commercial banks.