Germany

Bayerische Landesbank issued a well oversubscribed Pfandbrief on Tuesday and priced somewhat tighter, and with a longer maturity, than other recently issued German covered bonds.

BMW has kept its bond issuance going apace in the past fortnight, since it returned to the market for the first time after the Volkswagen emissions cheating scandal.

On Wednesday, the same day as Total's debut convertible, came another inaugural deal, from Brenntag, the German chemicals distributor, which has a €7.7bn market cap — dwarfed by Total’s €113bn.

The rampant demand in the convertible bond market, which has produced a run of deals at very attractive terms for issuers, brought two more borrowers into the market today (November 25) with debut deals, Total and Brenntag. But the deals’ execution suggested it might be time for a breather.

Scandic Hotels, the Nordic hotel operator that started taking orders for its IPO on November 17, has released a covered message to investors, a lead banker said on Wednesday.

Standard & Poor’s has sent Deutsche Bank’s subordinated debt tumbling in secondary with a surprise move to slap it with a sub-investment grade rating.

A new issuer joined the convertible market on Tuesday, when Aurelius, a specialist German private equity firm, issued a €166m bond with a 1% coupon and 30% conversion premium.

BMW has kept its bond issuance going apace in the past fortnight, since it returned to the market for the first time after the Volkswagen emissions cheating scandal.

BayernLB issued a well oversubscribed Pfandbrief on Tuesday and priced somewhat tighter, and with a longer maturity, than other recently issued German covered bonds. The pricing showed that German investors can still just about demonstrate differentiation between credits, despite low yields and tight spreads across the board.

SEB Germany’s three year public sector Pfandbrief issued on Tuesday offered the lowest ever yield for a primary covered bond. But some sort of positive return was absolutely necessary, even if it was as tiny as possible.

Edag, the German family-owned car engineering service provider, started taking orders on Monday for its initial public offering in Frankfurt.

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.