Germany
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Sponsored CommerzbankCommerzbank Corporates & Markets examines the international attractions of Germany’s private placement solution -
Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.
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The German covered bond market is set for expansion, with the little known Deutsche Apotheker- und Ärztebank appointing leads for a roadshow. At the same time, another small German covered bond issuer, Pforzheim Calw, opened books for a sub-benchmark sized deal to be priced Wednesday.
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.
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Deutsche Bank took the criticisms of its ‘Strategy 2020’ plan — announced in April by then co-CEO Anshu Jain and followed shortly thereafter with his resignation — dead seriously, preparing investors for a shocking third quarter loss as it prepares to divulge new details on the plan.
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Two previously long and prominent themes of the European financial market have completed a reversal in the past week, with the iTraxx Senior Financials index trading inside the Europe Main index and credit outperforming equity.
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German businesses Schaeffler and Covestro successfully completed their initial public offerings this week after having scaled back on their targeted deal sizes.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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Deutsche Bahn made the most of an otherwise empty corporate bond market on Wednesday, increasing its latest floating rate note from €300m to €400m, making the deal its largest eight year FRN.
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Deutsche Pfandbriefbank was on track to print €500m of long two year debt after navigating the now familiar struggles of German senior debt issuance on Thursday morning.
