Germany
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Deutsche Börse has narrowly achieved the required votes from its shareholders to approve its merger with the London Stock Exchange Group, meaning only the possible objections of regulators now stand in the deal's way. -
Bank operational risk is a perfect example of how good intentions can lead to strange conclusions. Commerzbank on Tuesday showed just how bizarre the rules have become.
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Commerzbank released a preliminary set of earnings on Monday evening, with the operational risk management helping drive an unexpected decline in the bank’s common equity tier one capital ratio.
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European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.
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The VDP’s newly appointed president, Dr Louis Hagen, has some strong, clear cut views on a wide range of topics affecting both the Pfandbrief and covered bond markets. He talks to The Cover about the implications of Brexit, covered bond supervision in the banking union, the Net Stable Funding Ratio, the leverage ratio, soft bullet extensions and harmonisation.
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Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.
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Rentenbank has opened the 10 year part of the dollar curve to elite borrowers with a heavily oversubscribed trade. While the public markets have been in rare health, dollar issuance had, until Wednesday, been confined to the three and five year maturities for months.The last time an SSA borrower printed over $1bn of 10 year paper was, according to Dealogic, at the end of May when the Inter-American Development Bank sold $1.5bn with a 2% coupon.
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Two of this week's benchmark issuers are planning second trips to the capital markets for benchmark funding in the third quarter.
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Shares in Kion Group, the world's second largest maker of forklift trucks, traded up more than 5% on Tuesday after it completed a 10% capital increase to partly finance its acquisition of Dematic, a Luxembourg-based firm specialising in automation and supply chain optimisation.
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The run of success for public sector borrowers continued on Wednesday, as strong demand and a high quality book allowed NRW.Bank to price flat to its curve.
