Germany

Deutsche Bank tendered less than half the total bonds on offer in a euro senior repurchase offer on Tuesday, buying back the paper at spreads through secondary levels, as it sought to lower its debt burden and suppress any fears about its balance sheet.

Grand City Properties issued its fourth convertible bond on Wednesday, raising €450m, more than the other three deals put together. The German housing company capitalised on the successful performance of its earlier deals to win €2.5bn of demand and strong terms.

Any fears that investors might be nervous about sterling bonds in the run-up to the UK’s referendum on European Union membership eased with a pair of deals on Tuesday.

Deutsche Bank tendered some of its euro senior unsecured bonds at spreads through secondary levels on Tuesday, as it sought to lower its debt burden and suppress any fears about its balance sheet.

Yet another German car maker has completed a lap of the private debt market. Porsche AG closed order books for its €200m Schuldschein this week.

This week will see the Schuldschein market host its first two green deals, a new direction for the centuries-old private debt market.

Helaba brought the biggest Pfandbrief since 2011 on Tuesday, pulling in €1.25bn with a long four year deal. It was the first ever euro benchmark covered bond issued with a zero percent coupon, but given the persistent low interest rate environment it is unlikely to be the last, with some bankers alarmed at the prospect of negative yielding covered bonds.

KfW

The French bank has simplified its investment banking structure, ending a year of uncertainty and turning the focus of its coverage teams away from London, writes David Rothnie.

Marcel Koebeli, the country head of Switzerland at Barclays, has left the bank.

Eurex has signed up Crédit Agricole Corporate & Investment Banking as a member of its clearing house for interest rate swaps.

Four days of global equity recovery has been enough to rekindle Japanese retail investors' interest in Deutsche Bank senior debt in an emerging market currency.