Germany

Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received.

Commerzbank’s profits slumped for 2016 and for the fourth quarter, as the euro-orientated commercial bank benefited less than other large banks from the flurry of Trump-related trading and the steepening US yield curve.

The French bank’s recent changes to its equity capital markets division show it is serious about growing its European ECM business outside France, writes David Rothnie.

AlzChem, the German niche chemicals producer, has postponed its €174m Frankfurt IPO, blaming difficult market conditions.

Two weeks after printing €250m of triple-C rated notes, container shipping company Hapag-Lloyd on Tuesday sailed into the market for an add-on.

UniCredit has named the bankers to fill a series of senior country posts in its financing and advisory business, which covers equity and debt origination, coverage and M&A.

The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.

The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.

SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.

DVB Bank returned to the senior market for a second time this year, taking advantage of growing investor appetite for floating rate notes.

The vibrant activity in the equity block trade market this week is continuing tonight, with three more selldowns of stock in European companies, including the last sale of stock in Worldpay, the UK payments group, by Advent International and Bain Capital, for about £600m.

Asian Development Bank's first euro syndication in three years enjoyed only tepid success on Wednesday, as observers wondered if the 20 year trade was fully subscribed.