Germany

Rocket Internet, the German internet venture capital group, closed 14% lower on Thursday after Kinnevik, the Swedish investment company that was one of its earliest backers, sold half its stake through an accelerated bookbuild after the stock had rallied over the past three months.

Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.

The Singapore dollar bank capital market welcomed Commerzbank’s inaugural Basel III tier two bond this week, allowing it to price through fair value.

Deutsche Wohnen, the German housing company, has raised €1.34bn of equity and convertible debt at attractive terms, in what bankers have claimed is the first three-legged trade of its kind in Europe.

This evening, Kinnevik, the Swedish investment company, is selling a 6.6% stake in Rocket Internet, the German e-commerce startup investor, through an accelerated bookbuild.

United Overseas Bank issued a euro covered bond flat to its curve and WL Bank priced at the tightest spread of the year, suggesting slowing supply is exacerbating a squeeze on investors. UOB was also set to issue its first dollar-denominated covered bond.

Equity capital markets issuance in EMEA is already nearly €5bn ahead of last year's pace, at €19.6bn so far this year, and the total is set to nearly double this week when UniCredit completes its €13bn rights issue.

The Singapore dollar bank capital market is set for a busy week with Commerzbank announcing a Basel III tier two bond on Wednesday morning. Its offering closely follows UOB’s successful tier two outing on Monday.

Deutsche Wohnen, the German housing company, has launched this evening a parallel issue of €500m of new shares and an €800m convertible bond, breaking a quiet spell in Europe’s equity-linked market.

Companies were able to tighten pricing on euro deals this week, as investors said they expected the corporate market to keep shrugging off the political headline risks in Europe that have prompted widening in some government bonds.

Germany’s DVB Bank tapped a three year senior bond on Tuesday, appealing to renewed appetite in the floating rate market and extending a run of recent bond reopenings.

Air Berlin, the unprofitable German airline, has successfully raised the money it needs to refinance its €140m 6% convertible bonds, puttable in March, despite bondholders shunning the exchange offer.