Germany

Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.

European high yield primary action resumed with Heide Raffinerie on Tuesday. As a first time issuer from an industry that makes up only a small portion of the market, the deal will test conditions after recent volatility, said sources.

Berlin Hyp (BHH) enjoyed tremendous demand for the first negative yielding covered bond in over a year, as international real money investors took advantage of the compelling relative value on offer to pile into deal and make it one of the most oversubscribed of the year.

Eurozone public sector bond prices were largely unmoved late on Monday afternoon, despite talks to form a coalition government in Germany collapsing in the small hours of the morning.

Consus Real Estate, the German real estate developer, has raised €200m by issuing a convertible bond today to continue its growth push.

Berlin Hyp (BHH) has appointed leads for a four year Pfandbrief, and unless it plans on giving a away a large new issue premium, the bonds are expected to have a negative yield.

Corporate bond issuers are using this week to prepare investors for the last window of issuance of 2017. Monday saw more issuers add their names to the roadshow schedule in Europe as TLG Immobilien used the quiet conditions to issue its debut bond.

Deals topping €1bn are becoming more common in the European leveraged loan market, pushing gross issuance to annual record levels. CeramTec announced the latest, with a €1.1bn leveraged buyout.

Crane maker Konecranes raised €150m with an inaugural Schuldschein on Monday, following its Finnish compatriot, food packager Huhtamäki.

The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.

Guarantor: State of Bavaria

Theodor Weimer, the head of UniCredit subsidiary HypoVereinsbank, will replace Carsten Kengeter as CEO of exchange and clearing house operator Deutsche Boerse, it was announced on Thursday.