Germany

L-Bank will join the flood of dollar trades hitting screens this week on Thursday, after mandating four banks for a five year Reg S bond.

Adler Real Estate completed the accelerated bookbuild of its highly unusual convertible bond-cum-rights issue on Monday, raising €131m after a tough sale that it had hoped would fetch €150m.

After tightening twice from initial price thoughts, Deutsche Bahn, the state-owned German railway company, sold €350m of five year notes to yield minus 0.006% on Tuesday, the first negative yielding primary deal from a corporate issuer.

The covered bond primary market was kept busy on Tuesday with two Pfandbriefe issued in euros and dollars at the opposite ends of the curve. Though market conditions are constructive, bankers are concerned that the outlook will not look as pretty after the summer break.

BNP Paribas secured strong demand and tight pricing for a tap of its first "regionally targeted" bond on Tuesday, with a broad range of German accounts helping to bolster the size of the original deal.

KfW announced plans on Monday to return to the dollar market with a new three year benchmark.

Two block trades were successfully placed in Europe this week, including a small stake in Italian multi-utility Hera that was snapped up very quickly on Thursday night.

Adler Real Estate, a German residential property company, has extended the sale period for its €150m convertible bond issue, which comes with pre-emption rights for shareholders, added Citigroup as a bookrunner and broadened the price range.

KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so.

Commerzbank issued the first euro covered bond since June 15 on Monday, and though it was a clear success, no other issuer ventured to follow.

A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.

After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.