Germany

KfW hit screens with a five year dollar benchmark on Tuesday that is offering the issuer’s widest swap spread at the tenor in several years, which bankers away from the mandate attributed to negative swap spreads and market-wide volatility last week.

Rocket Internet, the German start-up incubator, has said it will spend up to €150m this year to buy back some of the €550m convertible bond it issued only last July.

FMS-Wertmanagement increased the size of a dollar floating rate note on Tuesday after receiving strong demand, and more floaters could follow as bankers report growing interest in the format from central banks.

Commerzbank posted stellar results on Friday, sending its stock soaring in a week where fears about the banking system ravaged markets. And though the investment bank saw revenues fall, Michael Reuther, its chief, told GlobalCapital exclusively that the division is set to increase its client base, and even enter some new markets.

Deutsche Bank’s shares jumped 10% on Friday, after the bank launched a tender offer for over $5bn in senior unsecured bonds.

Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.

Public sector bond issuance is expected to pick up next week after the end of the Chinese New Year holidays if the severe turbulence in the equities and credit market dies down.

KfW has made an internal promotion to replace its former head of new issues Petra Wehlert, who became head of capital markets at the German agency on February 1.

Rentenbank was the sole issuer to test the dollar market this week, printing a $750m floating rate note.

Germany’s Kion Group, the largest European forklift truck manufacturer, is redeeming its €450m of secured notes at their first call date next week with proceeds from a new, cheaper loan facility.

The widening spreads between core and periphery eurozone government bonds may lead some issuers to hold back from bringing deals, say bankers.

The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports.