Germany

The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.

BNP Paribas targeted German institutions for a long six year senior unsecured trade on Tuesday, reviving the concept of a “regionally targeted" bond to attract smaller accounts.

Schaeffler Holdings has launched tonight the sale of the family holding company’s last non-voting shares in Schaeffler, the German bearings maker which floated in October. It is likely to be the only block trade in the stock for the foreseeable future.

German wind turbine manufacturer Nordex has become the first borrower to issue an accredited green Schuldschein, leading the way for more deals to come.

Index provider FTSE Russell announced on Wednesday a new index which combines for the first time the China A-shares and Hong Kong-listed H-shares of the 50 largest Chinese companies.

German retail bank Postbank is expecting to regain its independence from Deutsche Bank by the middle of the year.

Senvion, the German wind turbine maker, listed in Frankfurt on Wednesday after a tortuous process that saw the firm’s owners pull its IPO last week, then grudgingly relaunch it just five days later in a shrunken, cheaper format.

Telefónica Deutschland has signed its first syndicated loan, through subsidiary Telefónica Germany.

The bookbuild for the initial public offering of Senvion was completed a day early, on Monday evening, and resulted in a price near the bottom of an already much lowered price range.

The private equity owners of German wind turbine maker Senvion have grudgingly relaunched its Frankfurt IPO, just five days after pulling it on low demand. The new deal is half the size of the earlier one, and implies a valuation €300m lower.

HeidelbergCement issued a benchmark high yield bond on Monday that was increased to €1bn and nearly three times oversubscribed.

A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.