Germany

Financial institutions have begun a final push for funding as year-end approaches, with investors still looking to boost returns with higher beta purchases.

Fresenius SE, the German medical services company, received its second investment grade rating this week with a Moody's one notch upgrade on Monday. But there was little movement in the company's bond prices as market participants said the change had long been priced in.

Rentenbank equalled its second largest euro benchmark size ever while still managing to tighten pricing with a November 2022 on Tuesday.

Car and truck manufacturer Daimler is expected to complete a Schuldschein deal in the coming weeks, with the market showing no sign of slowing.

German technology company Körber is expected to close its debut Schuldschein issuance before the month is up, according to a company spokesperson.

DZ Bank has placed a five part inaugural additional tier one (AT1) transaction within its co-operative bank network, which it said opens the door to a mid-size investor base for the product in Germany.

An agency is set to round off its funding for the year with a euro benchmark amid solid but quiet market conditions.

Continental Rubber of America, a wholly owned subsidiary of Germany’s Continental, issued a €500m no-grow bond on Thursday, returning to the bond market after a two year gap.

The green bond market was home to a pair of firsts this week, as one seasoned issuer sold its first ever bond in any format at a tighter spread to US Treasuries than mid-swaps, and another made its debut in the SRI format.

Deutsche Bank on Thursday priced its latest Samurai deal well wide of its last effort as investors continued to digest its restructuring, while wild swings in the basis swap between yen and dollars buffet other potential issuers in the format.

BMW returned to the bond market on Tuesday, November 10, with a €1.25bn deal, its first issue since the Volkswagen emissions scandal made investors reassess their attitude to the car industry.

Tightly priced and low yielding Pfandbriefe issued this week by HSH Nordbank and Deutsche Hypo received less demand than usual, with HSH failing to attract enough attention to cover its deal.