Germany

Berlin Hyp issued a €175m tap on Wednesday after it emerged that Crédit Agricole would not be proceeding with its previously announced 10 year. Meanwhile, Hypo Oberoesterreich signalled its intention to press ahead with its debut covered bond.

German residential and commercial property company Aroundtown Property hit the investment grade corporate bond market for its debut hybrid transaction on Monday, executing the deal in a market where indices fell.

German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.

Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.

The European subsidiary of Matthews, a US provider of 'memorialisation products', such as caskets and memorial plaques, has launched a €50m Schuldschein, which could grow based on demand from lenders.

Guarantor: Federal Republic of Germany

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany

A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead.

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.

The European IPO market has run into rough terrain, with three flotations abandoned this week and a fourth in trouble. Investors have been shaken by the poor trading of Nets, the Nordic payments group, fears of tighter monetary policy and volatility in sterling, write Aidan Gregory and Jon Hay.

FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years.

German agrichemicals company Bayer has concluded its $56.9bn loan syndication, getting a roaring response from more than 20 relationship banks in the largest syndicated deal of the year.