Germany
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KfW tapped a four year Australian dollar bond on Thursday, after raising €5bn in the euro market the day before. -
Deutsche Bank has launched separate exchange and tender offers on its $4.5bn 4.25% 2021 bonds in a bid to maximise the amount of total loss absorbing capacity eligible (TLAC) senior debt it has outstanding.
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The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.
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The first round of the French presidential election takes place this Sunday and, while the market is mostly quiet, Derek Halpenny, head of global markets research at MUFG, says that market participants have not priced in much risk of a shock anti-EU result.
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A hotly contested battle for the French presidency has quieted much of the public sector market this week, but KfW has picked banks for a five year euro benchmark.
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The European Banking Authority (EBA) has approved a partial waiver to the Capital Requirements Regulation (CRR) that allows German covered bond issuers to take exposures to a wider range of counterparties but with a lower minimum rating.
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The European Energy Exchange (EEX) is to launch financially settled power futures for Germany ahead of any possible split of the present German-Austrian power price zone.
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Eurozone quantitative easing increases bond prices in the inter-dealer market and is also “likely” to hit liquidity, according to research from the Bank for International Settlements (BIS). The findings also suggest that timing QE asset purchases depending on market conditions could benefit the policy as a whole.
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Deutsche Bank has successfully completed its fourth capital raising since the financial crisis, as investors backed CEO John Cryan's turnround plan with a 98.9% take-up rate.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Deutsche Bank shares closed on Thursday April 6 at €15.68, well above the €11.65 subscription price in its €8bn rights issue, for which subscription closed that day.
