Germany

The loan funding for CDPQ and Ardian’s acquisition of a stake in Alvest, the unrated French manufacturer of aeroplane parts, was allocated among a "limited" number of investors on Tuesday, amid growing demand for small and mid-sized credits.

German chemical company Wacker Chemie launched a €150m Schuldschein on Monday that is close to being the tightest priced deal this year.

German car manufacturer Daimler has proven a good medium to track the tightening of euro corporate bond credit spreads in 2017, having issued more than €9bn before the end of October. On Tuesday, a €1bn 10 year deal took that total within €1bn of the issuer’s 2016 total, but it didn’t come cheap.

On Monday night, UBS led the sale of a 0.3% stake in SAP, the German software company, for its co-founder and biggest shareholder, Hasso Plattner. It is the first equity capital markets deal in the stock for 11 years, according to Dealogic.

As investor demand for ESG products grows, an exchange traded fund tracking companies with good policies on gender equality began trading on Euronext this Monday.

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.

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.

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.

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.

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.

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.