Germany

The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.

Landesbank Hessen-Thüringen (Helaba) priced the third dollar Pfandbrief benchmark of the year and is expected to be followed by a succession of dollar trades later in the year.

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

Support for the London Stock Exchange and Deutsche Börse’s merger plans has solidified among the German exchange’s shareholders, with more than 75% having tendered their shares — crossing the original threshold set by management.

FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.

FMS Wertmanagement mandated banks for a dollar benchmark on Tuesday as Asian Development Bank sold a dual tranche dollar green bond, amid a topsy-turvy time for US Treasury yields.

HSH Portfoliomanagement, a wind-down agency for non-performing ship financing loans from HSH Nordbank, has hired banks to run a roadshow that could be followed by a debut syndication.

Landesbank Hessen-Thüringen (Helaba) is expected to price the third dollar Pfandbrief of the year at the tight end of guidance and inside the level it could have achieved in euros.

German automotive supplier ZF Friedrichshafen has refinanced debt it took on for the acquisition of TRW with €3.5bn of loans. The company said credit rating upgrades earlier this year helped it to secure the improved deal.

German auto parts manufacturer Progress-Werk Oberkirch (PWO) has signed a €100m syndicated loan with four banks, including one institution lending to the firm for the first time.

In the 1983 blockbuster movie TV meteorologist Phil Connors gets caught in a time loop. With new issue premiums set to rise and spreads prone to soften, the covered bond market could also be set for a repeat of last year, say bank traders, and analysts at Crédit Agricole.

The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the past two weeks.