Germany

The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.

German filter maker Mann+Hummel has joined the flock of borrowers issuing green Schuldscheine, raising €400m with a multitranche deal that closed on Wednesday.

Siemens, the German engineering group, sold nearly all its stake in Osram Licht, the Munich-based lighting company it span off in 2013, via an accelerated bookbuild led by Citigroup and Deutsche Bank on Wednesday night.

Shares in Hapag-Lloyd, the German container shipping line, are holding up well as the subscription period for its €352m rights issue begins.

KfW has sold Europe’s first blockchain-based bond, although a quirk of German law meant the transaction had to be replicated on paper. While the bond was instantly settled, those involved say a crucial component is missing if this technology is to become part of capital markets’ infrastructure: a cash settlement facility on a distributed ledger.

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.