Germany

Rating: A2/A/A- (Moody’s/S&P/Fitch)

On Thursday, Volkswagen Leasing became the second German auto related issuer to print a triple tranche this week. However, it opted for shorter tenors than Daimler had on Monday.

Delivery Hero, the online food ordering platform backed by Rocket Internet, bagged €866m in its IPO on Wednesday after closing a heavily oversubscribed book.

Two public transport operators offered deals to the sterling market this week, with varying success. Demand was strong for both deals, which had similar tenors, but one enjoyed a smoother pricing ride than the other.

Daimler and Landesbank Baden-Württemberg launched on Wednesday the first Schuldschein issue to be sold using blockchain technology.

Swiss life sciences firm Lonza launched a €300m debut Schuldschein on Monday, offering dollar and euro tranches to attract, among others, Singaporean, Malaysian and other Asian lenders looking to lend dollars.

Daimler had the new issue corporate bond space to itself on Monday, but the deal it achieved was still a spectacular result for many reasons. Pushing out to new, longer maturities for the volume of bonds sold was an excellent outcome for one of the more frequent corporate issuers, and could support a more permanent long dated market in euros, writes Nigel Owen.

The Loan Market Association has appointed four new board directors following its annual general meeting on Wednesday.

Bankers always expected June to be a busy month for corporate bond issuance after a quiet May and before the summer slowdown. Thursday ensured the pace of issuance was maintained with four issuers selling seven tranches.

Daimler and Landesbank Baden-Württemberg have launched on Wednesday the first Schuldschein issue to be sold using blockchain technology.

DG Hyp and WL Bank are pushing ahead with merger plans in a move that will create one of the largest Pfandbrief issuers. The merger follows a series of other Pfandbrief mergers, new entrants and wind-downs.

Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.