Germany
-
Real money sellers were seen in recently issued Italian covered bonds on Thursday, along with some profit-taking at the long end of the French curve, which is expensive to OATs. But with German Pfandbriefe looking cheap relative to Laender, the bonds look well supported, bankers said. -
Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has joined the small group of European companies braving the choppy waters of the IPO market.
-
Private equity firm Ardian has turned to the leveraged loan market to fund its acquisition of German lighting provider SLV Holding from Cinven.
-
Clearstream launched the China Bond Link on October 17, which is designed to connect overseas investors with the China interbank bond market. The firm expects to see growing interest in China fixed income as a result of broader RMB adoption, a spokesperson for the central securities depository told GlobalRMB.
-
Acciona, the Spanish infrastructure and renewable energy firm, has allocated its first Schuldschein, growing the deal by €50m and securing about the same pricing as (if not lower than) its latest syndicated loan.
-
German Pfandbriefe have received a boost, according to Moody's from the German finance ministry, which is tightening lending standards in the country's housing market to counteract rising prices caused by the European Central Bank's accommodative monetary policy.
-
-
-
Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.
-
Deutsche Bank beat extremely low expectations for third quarter earnings by posting a €278m profit, with return on average shareholder equity up 990bp for the first nine months of the year, compared with the same period of 2015.
-
A fourth issuer of the week has broken its record for longest dated syndication ever, while the European Financial Stability Facility wrapped up its 2016 needs with a trade that looked almost short end by comparison to the rest of the week’s euro supply.
-
Bayer may conduct the refinancing of its $56.9bn credit facility ahead of the closing of its acquisition of Monsanto, which is expected by the end of 2017, the firm said on Wednesday.
