Germany
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The Deutsche Börse yesterday welcomed six new exchange traded commodities (ETCs) to its Frankfurt Stock Exchange and Xetra trading venues. -
Amprion, the German electricity transmission firm, launched on Tuesday a €100m Namensschuldverschreibung (NSV) — an instrument with all the qualities of a Schuldschein, except for the issuer’s right to terminate the contract after 10 years.
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Møre Boligkreditt found strong demand for its first euro covered bond which, because of its sub-benchmark size, offered substantially more spread than similar bonds. At the same time BayernLB said it would start a roadshow for a sterling senior unsecured and covered bond.
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Landesbank Baden-Württemberg (LBBW) made a rare entry into the senior unsecured market on Tuesday, picking up €1bn of new five year funding on the back of strong levels of domestic support.
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A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.
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On Tuesday night, the Hueck family, which controls Hella Hueck & Co, sold a 2% stake in the company at a very slim discount.
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Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.
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The momentum in the equity block trade market is evident this week, as several large trades have been priced at extremely tight discounts. The drought of equity-linked deals also ended this week, with a zero coupon note issued by a Danish hearing equipment maker.
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On Monday night, Kion Group, the German forklift truck maker, completed a €602m capital increase to refinance its acquisition of Dematic, a specialist automation company, through an accelerated bookbuild led by Goldman Sachs.
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KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.
