Germany

Aroundtown Property Holdings, the Germany-focused property company, raised €426m on Tuesday evening to finance a tender offer for convertible bonds due in 2020, via a popular block trade that was covered in 45 minutes.

Commerzbank has beaten profit expectations in the first quarter, thanks to strong results in its capital markets and securities, but it remains dogged by its poor quality shipping portfolio, and restructuring efforts.

KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

Landesbank Baden-Württemberg (LBBW) has become the latest bank from Europe to sell a Singapore dollar-denominated bank capital deal. Its Basel III tier two was 5.5x covered, and like its peers, the issuer managed to save on funding costs compared to its home currency, reckon bankers.

Landesbank Baden-Württemberg (LBBW) is marketing its first Singapore dollar-denominated transaction, a Basel III tier two subordinated bond, joining a slew of European lenders that have sold deals in the currency.

Attempts by the German debt management office to prevent another collapse in the European repo market are not enough, according to market participants — though they may have benefited German taxpayers.

The public sector dollar market is set to put a series of obstacles behind it to resume full pace next week — but issuers may opt to instead take advantage of sumptuous conditions in euros.

FMS Wertmanagement nipped into a quiet dollar market to print a three year Reg S only syndication, the issuer’s first dollar deal at that point of the curve to come through mid-swaps this year.

European derivatives exchange Eurex yesterday appointed Romanos Daniel as its chief innovation officer, filling a new position that was recently added to its executive board.