Germany
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AlzChem, the German speciality chemicals maker, has set the terms for the first Frankfurt IPO of 2017. -
A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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LBBW has priced the largest Pfandbrief in dollars since October 2013 with a comfortably oversubscribed order book, one of the most granular in years for a German covered bond in dollars.
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With the euro primary market to itself, Germany’s largest telecommunications provider announced a €3.5bn triple tranche bond deal on Monday morning, luring investors to the long end of its offering.
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LBBW has mandated leads for its first dollar covered bond benchmark of the year. The public sector-backed Reg S transaction is expected to be launched in the near future.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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The European Energy Exchange is to introduce a German intraday floor futures contract as well as Swiss day and weekend futures contracts.
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Euro-denominated investment grade corporate bond supply eased off on Thursday, providing market participants with the chance to take stock after nearly three weeks of rapid supply.
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Fresenius, the German healthcare company that launched the first equity-neutral convertible bond in 2014, returned on Thursday to issue another successful deal, this time to complete the financing of its €5.76bn acquisition of Quirónsalud, the Spanish hospitals group.
