Germany

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.

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.