Germany
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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.
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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.
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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.
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Investors have piled into the €866m IPO of Rocket Internet-backed Delivery Hero, with the deal covered across the price range just two days into bookbuilding, according to bankers.
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Increasing numbers of commercial banks are investing in seven year Schuldschein loans, as attractive pricing and allocation is luring the lenders further along the credit curve.
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French agency Société de Financement Local (SFiL) raised $1bn with its first ever dollar bond on Wednesday, while the German State of North Rhein-Westphalia pushed out its curve to 2048.
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An overnight share sale in Scout24, the Berlin-based digital classified advertising group, was priced at a 6% discount on Tuesday, raising €331.7m for the vendors.
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Deutsche Pfandbriefbank (Pbb) was unable to build a large order book for its first public sale of tier two debt on Wednesday, having encountered a more “challenging’ environment” following Banco Popular’s resolution which wiped out investors in both additional tier one and in tier two.
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Deutsche Telekom and a group of shareholders in Scout24, the digital classified advertising group, are in the market this evening to sell a possible €341.4m stake.
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Delivery Hero, the Rocket Internet-backed online food delivery company, set a price range for its €747m to €866m IPO this morning, and will open the bookbuild on Tuesday.
