Germany

NRW.Bank doubled its initial size target with a two year floating rate note on Thursday, with the strength of demand partly due to investors looking for floating rate paper ahead of an expected target rate rise by the US Federal Reserve next week, according to one of the leads.

B. Braun sold the tightest corporate six year loan in Schuldschein history this week. And more, the German medical firm more than doubled the €150m initial target. But, some Schuldschein bankers believe German issuers have reached the market's pricing floor.

Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.

Shares in Rocket Internet, the German internet start-up incubator, fell as much as 4% on Thursday morning after Kinnevik, the Swedish investment company, sold the last of its stake, for €218m. The shares closed down 2%.

Bayer monetised a large stake in Covestro, the plastics company it span off in 2015, on Tuesday night through a simultaneous block trade and exchangeable bond worth a total of €2bn, which were both covered in an hour by more than 100 investors each.

Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.

Berlin Hyp (BHH) issued a tightly priced Pfandbrief on Wednesday, drawing strong demand for a rare deal backed by green commercial mortgage assets. At the same time the Mortgage Society of Finland mandated leads for a sub-benchmark transaction.

German chemicals firm Evonik is in talks with banks to refinance a €1.75bn revolving credit facility.

KfW is the solitary SSA issuer out in dollars so far this week, and it is sticking to the very short end with an 18 month deal, a week before a US Federal Open Market Committee meeting at which investors overwhelmingly believe it will raise its target rate.

Berlin Hyp (BHH) is expected to open order books for it second Green Pfandbrief on Wednesday and Bank of New Zealand has mandated leads to roadshow a possible senior or covered bond deal later this month.

Delivery Hero, the German online food delivery marketplace, announced its intention to float on Tuesday morning, ending months of speculation about its intention to go public.

In this week's round-up, the People’s Bank of China says it will maintain a neutral monetary policy, Silk Road Fund and European Investment Fund sign memorandum of understanding for Belt and Road financing, and Luxembourg holds international renminbi forum.