Germany

The covered bond primary market began slowly this week with just one quickly syndicated €500m German benchmark from Deutsche Apotheker- und Ärztebank (Dapo) emerging. Despite its measly coupon the deal offered a hefty pick up to Germany. Covered bond supply is expected to improve in the week ahead.

Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, GlobalCapital understands.

A record breaking start to the year for SSA issuance in sterling kept pace this week, as the bond market showed little sign of contagion from a drop in the currency to a seven year low versus the dollar — and indeed may even have received a boost from the devalued currency.

This week the Schuldschein market completed what could be its second largest deal ever, for Aldi subsidiary Hofer, and also launched its first two green deals — in what looks like another impressive year for the market.

A merger between London Stock Exchange Group and Deutsche Börse could bring huge cost savings and margin benefits — but would concentrate clearing house risk, running directly against the regulatory desire to end "too big to fail".

Senvion, the German wind turbine maker, has become the first of this year’s second wave of IPO candidates, announcing on Monday this week its intention to float in Frankfurt.

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.