Germany
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Schaeffler Verwaltung Zwei, a holding company which owns 75% of bearings manufacturer Schaeffler, has signed a €800m credit agreement with four banks as part of a €3.3bn refinancing package. -
German consumer goods group Henkel touched negative yields as it tapped three currencies for a €2.2bn equivalent four tranche bond deal on Tuesday, pulling in a monster order book.
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The German subsidiary of Natixis issued its first publicly syndicated covered bond on Wednesday, selling the 10 year issue mainly to German based investors.
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Buwog, the Austro-German residential property company, added to the recent reemergence of convertible bond issuance on Tuesday, with the sale of a €300m deal, while the Belgian real estate investment trust Cofinimmo also came to market with a €230m deal to buy back bonds due in 2018.
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Bayer and Monsanto have moved a step closer to agreeing a multi-billion dollar merger as Bayer confirmed that the two are in advanced discussions. A takeover would include the largest loan of the year of about $65bn.
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FMS Wertmanagement’s Jens Remmers is taking on a new position within the German agency’s group, becoming treasurer of Depfa Bank.
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The covered bond market was in good shape on Tuesday but it was in good shape this time last year too. With core covered bond valuations still out of sync with other asset classes, bankers warn that the market has become complacent and another correction is due.
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Natixis Pfandbriefbank (NPB) has mandated joint leads for its first publicly distributed Pfandbrief, which will be launched on Wednesday.
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German health care group Fresenius is set to unroll more than €5bn of debt to fund its acquisition of Quirónsalud, a Spanish peer, which it will integrate into its Helios hospital network.
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A dire year for hybrid issuance received some cheer on Monday as German utilities company ENBW mandated three banks for a transaction in the asset class, the European market’s third such deal this year.
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.
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