Germany

Vapiano, the Italian restaurant chain, rose by 4% on its debut in Frankfurt on Tuesday, as investors bought shares in secondary after half the book was zeroed.

Four European agencies, and a New Zealand sub-sovereign found funds in the Kangaroo market this week. Nederlandse Waterschapsbank (NWB) on Tuesday priced a 10 year tap of a Kangaroo bond some 10bp tighter than where the original issue priced in January. Bankers said the pricing was an indication of the sheer levels of demand for long dated Kangaroo paper.

On Tuesday, Deutsche Bahn returned to the sterling bond market for the first time in nearly four years. The state-owned German railway company printed a £300m eight year deal, achieving tighter pricing than it would have in euros.

Nomura confirmed that it has begun applying for a licence in Germany to operate a new Frankfurt-based entity, as a preparation for the UK’s exit from the European Union.

General Atlantic, the investment firm run by William Ford, launched on Monday night the sale of half its remaining stake in Axel Springer, the German media group. The €123m sale is covered, the range has been tightened and books are closing at 6.30pm.

Germany’s Jost Group, which makes safety systems for trucks and trailers, wants to list in Frankfurt to raise €130m of new capital and a yet-to-be-determined amount for the selling shareholders.

Daimler was the only company to issue a new bond in the European market on Monday, but it brought a huge, €4bn deal. And it maintained the recent trend for pushing out to longer maturities.

The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.

Delivery Hero, the German online food delivery platform, is set to price its €866m IPO at the top of its range, following the latest guidance on pricing on Wednesday morning.

Amalgamation of the German covered bond sector looks set to endure as Berlin Hypothekenbank (Berlin Hyp) will potentially subsume Deutsche Hypothkenbank, a subsidiary of NordLB which it is considering selling. In a separate development, the cover pools of Westdeutsche ImmobilienBank (WestImmo) will be fused with those of Aareal Bank.

Rating: Aa1/AA-/AAA

Though this week was expected to be something of a write-off for SSA issuance, thanks to Euromoney’s Global Borrowers & Bond Investors forum, a pair of issuers pulled off well-received transactions.