Germany

Shares in Deutsche Bank, the largest bank in Germany, fell 2.7% on Monday morning after it published its 2016 annual report and launched its €8bn two-for-one rights issue.

Volkswagen is watching for the right moment to return to the public bond market with an issue in its own name, for the first time since its emissions test cheating scandal broke in September 2015.

E.On, the German electricity and gas company, successfully placed €1.34bn of new equity on Thursday night after announcing earlier in the week that it had made a €16bn loss in 2016 due to a writedown of the value of Uniper, the fossil fuels business it span off last year, and costs related to the decommissioning of its nuclear assets.

Rating: Baa1/BBB+

The SSA market is “breathing a sigh of relief”, according to one SSA syndicate banker, as this week's hotly anticipated Netherlands election produced the result capital markets bankers were hoping for.

The sterling market was red hot this week with public sector issuers hitting screens in force, despite a headline heavy calendar.

WL Bank took advantage of strong funding conditions — and a reverse enquiry — to issue a tightly priced 20 year public sector backed Pfandbrief on Thursday, the longest covered bond from Germany this year. The transaction follows the announcement of plans to merge the cover pools of WL Bank and DG Hyp.

Wacker Chemie picked Credit Suisse, Citigroup and Commerzbank on Tuesday night to sell 21% of Siltronic, the German company that makes silicon wafers for mobile phones and computers, after its share price had rallied by more than 260% over the past 12 months.

The ‘Basel IV’ output floor agreements, which regulators call the completion of ‘Basel III’, are stalled until US president Donald Trump's administration names negotiators to show up to committee meetings, according to two members of the Deutsche Bundesbank.

KfW launched a £300m tap of a December 2019 line on Wednesday, pulling in over £350m of orders in spite of sharp swings in the strength of the currency.

Spie, the French technical services provider, brought the first new leveraged buy-out financing in the euro high yield bond market for three months this week with a €600m seven year senior unsecured bond.

Patrick Seifert will become head of primary markets at Landesbank Baden-Württemberg, taking over from Patrick Steeg who will move to the firm’s asset and liability management business.