Germany

Hapag-Lloyd, Germany’s largest container liner shipping company, sold a rare triple-C rated bond to high yield investors on Thursday.

One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.

Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.

The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.

German healthcare group Fresenius brought euro corporate bond investors their first jumbo deal of the year on Tuesday as it financed its acquisition of Spanish hospital operator QuironSalud.

A quartet of public sector borrowers are set to cram into the front end of the dollar curve on Wednesday, as bankers outlined a triple whammy of factors driving the squeeze.

The German real estate lender, Aareal Bank, has mandated leads for a euro-denominated five year German mortgage-backed covered bond.

Transport finance specialist DVB Bank profited from strong primary market dynamics by adding a second German senior benchmark to the list of trades printed this week, as syndicate bankers advised taking advantage of market conditions before earnings season begins in earnest.

Hapag-Lloyd on Monday began roadshowing a sub benchmark and triple-C rated bond to European high yield investors.

AlzChem, the German speciality chemicals company, is preparing an IPO on the Frankfurt Stock Exchange led by Société Générale and Baader Bank as global coordinators.

German real estate company LEG Immobilien was alone in the euro market on Monday as it made its debut senior bond transaction with a €500m no-grow seven year.

Deutsche Bank attracted a healthy €3.25bn order book on Monday for the first German senior trade under a revised German Banking Act, as fears began to rise about the potential terms of the UK’s exit from the European Union.