Germany

Aareal Bank managed to attract orders of more than £550m for its £250m Pfandbrief, reflecting the fact that the bonds offer tremendous value relative to senior unsecured and corporate debt. The deal followed a tap of similar size issued by Swedbank.

Tuesday proved to be hybrid day in the European corporate bond markets with Aroundtown tapping its dollar hybrid bond for €200m while German electric utility, RWE, announced it was tendering for up to €550m equivalent of its own equity-like debt.

Münchener Hypothekenbank made its public Swiss franc bond market debut, raising Sfr160m ($164.8m) with a December 2024 bond this week. But, with few German financial institutions with natural franc needs, the possibilities of follow-on trades are few and far between.

KfW has entered the Blockchain race, after simulating a trade in real time using distributed ledger technology, the agency said on Monday.

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 slightly more hawkish than expected US Federal Open Market Committee meeting mid-week has nudged up US Treasury yields — bringing 10 year dollar issuance nearly within SSAs’ reach, said bankers. But in the meantime, SSA bankers are looking at the dollar pipeline with dismay.

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.

Stada, the German pharmaceutical firm, has shrunk its leveraged loan by €250m and increased its high yield bond by the same amount, ahead of the loan's commitment deadline on Thursday.

Stada Arzneimittel, the German pharmaceuticals firm being bought in a €5.3bn deal by Bain Capital and Cinven, opened a bond roadshow on Monday after marketing €2bn of leveraged loans last week .

Asklepios Kliniken, a German chain of hospitals, launched a €300m triple tranche Schuldschein on Wednesday with pricing that could tempt a wide variety of lenders.

Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.

Deutsche Bahn raised A$600m ($475.4m) with its debut Kangaroo bond on Thursday, making it the first German corporate to issue in the market.