Germany

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

KfW and the European Investment Bank nipped in with one-day executions on Thursday, raising €1bn apiece in what has been a turbulent week.

Deutsche Bank will focus on 2016 as a "peak restructuring year" and its executive board will forgo bonuses as the bank attempts to regroup after a full year loss of €6.8bn in 2015.

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

Toronto Dominion Bank opened books for the fourth three year floating rate sterling benchmark of the year and was set to price the deal at the widest spread of the year. Kreissparkasse Koeln has announced a sub-benchmark sized eight year Pfandbrief.

Sagess opted to sit out another turbulent day on Tuesday despite having a deal mandate out, but conditions were not sufficiently bad to dent a dual tranche deal from a supranational nor stop a pair of more regular agencies mandating.

Two covered bond issuers from Sweden and Germany launched euro benchmarks on Tuesday. Both transactions were healthily oversubscribed, but with a wider starting spread, Swedish Covered Bond Corporation (SCBC) was able to issue a much larger volume, and tighten pricing during the bookbuild.

The treatment of senior unsecured debt in Germany and Italy has led to the downgrading of a number of banks' ratings by Moody's.

German car maker Porsche has launched a Schuldschein for €200m and will increase the deal to a much larger size, according to bankers.

WL Bank mandated leads for the second €500m 10 year of 2016 from a German bank this year, and the fifth 10 year overall. Meanwhile, SCBC will follow DNB Boligkreditt with the fourth five year from a bank outside the Eurozone.

DekaBank made a rare appearance in the public bond market on Monday, but found itself the only FIG borrower active in euros as sentiment took a turn for the worse.

LBBW decided to launch €1.25bn of three year fixed rate senior notes on Friday, after hints of more stimulus from the European Central Bank gave a boost to market sentiment.