Germany

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.

Alstria, the German REIT, sold 15.3m new shares through an accelerated bookbuild, after the close of trading on Monday night, to finance the acquisition of two new properties in Hamburg and Stuttgart and the settlement of a convertible bond.

US lottery and gaming group Scientific Games International sold its first euro bonds this week, in a European high yield market that bankers and investors described as ready and steady for opposite reasons.

Dermapharm Holding, the German pharmaceuticals company, has begun bookbuilding for its Frankfurt IPO with a price range that could value the business at up to €1.6bn.

Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.

Guarantor: Federal Republic of Germany

IKB Deutsche Industriebank, an unrated German financial institution, welcomed strong demand and attractive pricing for a tier two deal this week — its first public debt offering since the financial crisis.

Nordex, a German wind turbine manufacturer, began selling a €275m high yield bond this week as it plans to extend its debt maturities by taking out shorter-dated and floating rate Schuldschein paper.