Germany

Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.

A wave of German and Austrian property companies is coming to the equity-linked bond market for cheap funding, writes Aidan Gregory. The attractive terms they are obtaining are partly of their own making: a reward for the companies' strong performances.

Eurex, the derivatives exchange of Deutsche Börse, will start offering BTP options on October 2.

Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.

Guarantor: Federal Republic of Germany

NordLB received a higher level of demand for a €500m seven year Pfandbrief this week than in its previous two deals, showing it has good access to capital markets despite challenges it faces dealing with a €9bn bad shipping loan portfolio.

KfW has punched through its conventional curve with a dollar green bond that left bankers away from the trade a similar colour of envy. More SRI supply is on the way, after the European Bank for Reconstruction and Development hit screens for Thursday’s business.

Oversea-Chinese Banking Corporation (OCBC) and NordLB have signalled their intention to exploit exceptionally strong covered bond market conditions and open order books for transactions on Thursday.

Deutsche Apotheker und Aerztebank (Deutsche Apo) issued the tightest German 10 year Pfandbrief of the year on Wednesday at a level that was probably through interpolated fair value.

Varta AG, the German maker of micro-batteries for hearing aids and wireless headphones, has resurrected its plans for an IPO, after posting record earnings in the first half of 2017.

Deutsche Wohnen, one of the biggest listed German residential property companies, added its name to the string of equity-linked deals in Europe this month on Tuesday when it printed an €800m eight year note to finance a tender offer for a previous convertible bond, due in 2021.

ThyssenKrupp, the German steel company, raised €1.37bn of fresh equity on Monday night, in one of the largest primary accelerated bookbuilds of the year so far in EMEA.