Germany

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.

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.