Germany

UniCredit has made a pair of senior appointments in its German equity capital markets business.

Rentenbank tapped its new 10 year Kangaroo line for A$50m ($37.8m) on Tuesday. Attracting a mixture of Asian accounts, the agency's long dated paper pulled in a wide range of investors.

Two European IPOs have failed this week, as investor sentiment has been shaken by the poor trading of Nets and Innogy. The reticence has not stopped a UK publisher from enjoying encouraging ex-rights trading.

KfW named on Tuesday the banks it has hired to lead a three year dollar trade, its first in the currency since August.

OfficeFirst Immobilien, the German property company spun out of IVG Immobilien, has postponed its €740m Frankfurt IPO two days before it was due to be priced, in a volatile time for real estate stocks

Deutsche Bank is considering an IPO of its asset management division, as a way of replenishing its coffers after the settlement of its multi-billion dollar fine by the Department of Justice for its role in the US housing crisis, according to the Financial Times.

Leading voices from across the emerging world have lined up this week to talk up the benefits of free and unfettered trade — and bemoan the increasingly protectionist rhetoric they see emanating from politicians in the struggling West

Innogy, RWE’s renewables, retail and grids business, had a bumpy first day of trading in Frankfurt on Friday after it completed its IPO which valued the business at €19.2bn. It is the largest flotation in Europe since Glencore in 2011.

Deutsche Boerse, together with its Chinese JV partners, is gearing up to launch a new market called "D-shares" that will help to Chinese companies raise equity overseas. The shares will be documented in English, listed in Frankfurt and, crucially, match up to German standards of disclosure and transparency

Yield starved banks are redefining how the Schuldschein market operates, it was shown this week. In a market where investors and banks have historically lent alongside each other, the low ebb in European loans is sending banks to Schuldscheine in hordes and, in some cases, they are pricing out investors. Elly Whittaker reports.

Numerous press articles in recent years have predicted the death of single name credit default swaps. Onerous capital requirements, costly changes in market structure and alternative hedging tools have all been cited as factors driving the inexorable decline in the product.

The IPO of Innogy, RWE’s renewables, retail and grids business, is set to be priced in the top quarter of its initial range and is covered at the maximum deal size.