Germany
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Deutsche Post DHL Group secured excellent terms on Wednesday when it issued a €1bn convertible bond at a negative yield, despite investors having been distracted by a collapse in the share and bond prices of equity-linked regular Steinhoff International on the same day. -
The City of Vienna’s loans are three times subscribed three weeks into the marketing process, as investor appetite grows for longer-dated maturities.
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On Wednesday, the euro corporate bond market reminded any doubters that it was still very much open for business with five tranches totalling €3bn being priced by three well known issuers.
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Investor support for leveraged loan deals where the issuer is only seeking to cut margins remains so strong that some borrowers, such as French real estate group Foncia, may do it twice this year.
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Aumann, the German engineering company specialising in wire coiling and e-motors, raised €80m of gross primary proceeds on Monday night, through an accelerated bookbuild, to fund growth and acquisitions.
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Eurex Clearing on Tuesday announced that five execution platforms will support a new partnership programme, as it tries to wrest interest rate swap clearing business from London.
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Amprion, the German electricity transmission firm, has raised €200m with an issue of Schuldscheine and Namensschuldverschreibungen (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.
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German car company BMW became the third issuer to sell a deal in the infrequent Eurodollar new issue market this November, as well as solidifying its position as the largest seller of corporate MTNs in 2017.
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Ford Motor Credit Co, the financial services arm of the US motor company, and Deutsche Bahn raised a combined €1.5bn from floating rate notes this week, attracting demand from the traditional fixed rate buyer base with four and seven year maturities.
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Institutional investors are feeling squeezed in the bustling Schuldschein market, as bank lenders are more willing to compromise on financial covenants and pricing margins.
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Institutional investors are feeling squeezed in the bustling Schuldschein market, as bank lenders are more willing to compromise on financial covenants and pricing margins.
