Germany

NRW.Bank racked up another tightly priced deal for the dollar SSA market on Tuesday, as FMS Wertmanagement prepared a trade that bankers expect to attract a similar central bank audience. Issuers are enjoying strong summer dollar conditions, with swap spreads stable and US Treasury spreads attractive for the buy-side.

KfW raised €1bn with a tap of a September 2032 line on Monday, hitting screens early on Monday morning and taking advantage of a good window with a one day execution.

NRW.Bank has announced a three year dollar benchmark, picking banks for what looks to be this week’s only supply, according to one head of SSA syndicate away from the trade.

Cruise.co.uk, a UK online travel agent, is buying German peer Kreuzfahrtberater in a deal that brings together the direct lending arms of private equity firms Bridgepoint and Permira.

The scores are in. The BondMarker voters have delivered their verdict on Greece's long-awaited return to capital markets and on FMS Wertmanagement's five year dollar benchmark.

On Thursday night, in an otherwise barren week for equity block trades, General Atlantic, the US growth equity investment firm, launched the sale of a 2.1% stake in Axel Springer, the German publisher.

Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.

Siemens, the German machinery group, on Thursday broke its long silence on the timing of the IPO of its high margin healthcare technology business, which makes around 40% of its profits.

German publishing company Axel Springer’s shares jumped 4.3% on Wednesday this week after it announced a plan with United Internet to merge their affiliate marketing divisions and float the combined entity.

Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.

The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.

Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.