Germany
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Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day. -
The euro corporate bond market launched its first new issues of the week on Thursday following two days of public holidays in Germany. Frequent issuers, Aroundtown and Daimler, broke the silence, with the former paying no premium.
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Shares in HelloFresh, the German meal kit delivery company, rose 4.3% on Thursday when they began trading on the Frankfurt Stock Exchange, after its IPO was priced at the bottom of the revised range.
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Deutsche Börse marked the first run for its regulatory reporting hub this week, as the reporting obligations for the revised EMIR technical standards came into effect.
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Amprion, the German electricity transmission firm, is looking to raise €100m with the Schuldschein product as well as the Namensschuldverschreibung (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.
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After two days of public holidays in Germany, euro corporate bond bankers launched the first new issues of the week on Thursday. Two frequent German issuers, Aroundtown and Daimler, broke the silence.
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After weeks of risk-on behaviour, a cautious mood has gripped Europe’s equity capital markets after several of this season’s biggest IPOs traded badly in the aftermarket.
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Asklepios Kliniken, a German chain of hospitals, raised more than double its initial target of €300m of funding in the Schuldschein market, showing the market’s appreciation for German borrowers from familiar sectors.
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Sparkasse Hannover has joined Wüstenrot Bausparkasse in the euro covered bond pipeline. Both issuers are likely to get strong executions for their sub-benchmark Pfandbriefe which may no longer need to offer a premium relative to benchmark deals. At the same time, Sparebank 1 Boligkreditt has mandated leads to market its first covered bond in sterling.
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Bankers working on the Frankfurt IPO of HelloFresh, the German meal kit delivery company backed by Rocket Internet, have revised the price range to €10.25 to €11.50, the upper half of the €9 to €11.50 initial range.
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Three European agencies and a Washington supranational tapped 10 year Australian dollar bonds this week, as the demand for long end Kangaroo paper remains healthy.
