Germany

State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor it opted for extended its existing debt curve.

German robotics maker Kuka has signed a refinancing facility, ramping up the size of its syndicated bank borrowing by €120m.

There is a hiatus in the Schuldschein new issue market, as the slew of transactions launched in January are weighed up and processed before settlement dates. Amid the calm, Schuldschein bankers are beginning to question whether the unrated bond market is a threat.

State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor the issuer opted for extended its existing debt curve.

The Council of Europe Development Bank (CEB) is planning to bring its second ever social inclusion bond in the spring, and has outlined to GlobalCapital the expected currency and tenor. The State of North Rhine-Westphalia also looks set to bring an SRI bond, after mandating banks on Wednesday for a roadshow.

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.