Germany

The bounce in international equities since the election of Donald Trump as US president was widely expected by market participants to lead to a round of block trades as sellers looked to take advantage of the favourable conditions.

German healthcare group Fresenius launched a €400m Schuldschein on Friday and had already received commitments in excess of the launch size by Monday afternoon, as investors lapped up the favoured credit.

Siemens, the German engineering group, is planning to move ahead with a public listing of its healthcare business, it said as it released its fourth quarter earnings on Thursday morning.

The German Pfandbrief issuer ING-DiBa quickly executed a €500m 10 year mortgage backed deal on Tuesday, hours before US election headlines hit the screens, even though it had not been in the market since 2012.

As the end of 2016 approaches, borrowers are turning to the green market for their remaining funding, with a pair of SSA borrowers returning to the syndicated market for socially responsible investment products on Thursday.

The European Central Bank’s politicised decision to allow bail-inable German senior unsecured debt to be eligible for repo, whilst denying the same rights for everyone else, is untenable.

Public sector borrowers have hardly skipped a beat in the wake of Donald Trump’s election victory, getting back on track with an NRW.Bank green bond mandate hitting screens on Wednesday.

The German Pfandbrief issuer quickly executed a €500m 10 year mortgage backed deal on Tuesday hours before US election headlines hit the screens, even though it had not been in the market since 2012.

Banks may lose out to other market players in competition to buy Commerzbank’s structured investment and ETF businesses, which will be on the market from next year, once they have been carved into a new entity. But investment banks are likely to be in pole position for the German bank’s exotic FICC derivatives book, also up for sale.

Shares in ProSiebenSat.1 Media, the German television, radio and publishing group, closed 7.4% lower on Friday after it completed a surprise €515m capital increase to finance future digital acquisitions and strengthen its balance sheet.

Europe’s largest laboratory services company, Synlab, on Friday shot a new bond into the European high yield market deal to repay all of its 2022 floating rate notes.

Despite the damage done to this autumn's IPO season, with a string of deals pulled and several trading badly, there is still a handful of flotations in the market, and ECM bankers believe they have a chance of success, writes Aidan Gregory.