Germany
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Deutsche Bank’s announcement on Wednesday evening that it expects to report a net loss of €6.2bn in the third quarter isn’t expected to affect the bank’s additional tier one (AT1) bondholders.
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Deutsche Bahn came to an empty corporate bond market on Wednesday, increasing its latest floating rate note from €300m to €400m, making the deal its largest eight year FRN. -
The European Stability Mechanism looks set to issue its longest euro bond to date after sending out a request for proposals on Wednesday, as the European Union mandated for a long dated tap. Meanwhile, a German state hits the spot for investors.
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A European sub-sovereign is set to bring its shortest dated benchmark in 18 months after mandating banks on Tuesday for a four year deal.
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Covestro, the German polymers manufacturer, rose 11% on the start of trading Tuesday, having scaled back its targeted deal size by €1bn to win the investor support required.
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Münchener Hypothekenbank (MuHyp) achieved a typically tight spread for its €500m six year mortgage-backed Pfandbrief on Tuesday. But market conditions did not support a return to the heights of their last deal in July, one of the tightest deals to have priced this year.
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The higher level of new issue premium SSAs have to pay in dollars is set to be showcased this week, after a pair of European borrowers hit screens on Monday with benchmarks in the currency.
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Deutsche Börse, owner of the Frankfurt Stock Exchange and Eurex, brought some calm to a frazzled bond market on Thursday, with what market participants agreed was a successful issue.
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Germany is pushing ahead with plans to make senior unsecured debt TLAC eligible, and with the new rules to be finalised in two months’ time more jurisdictions are expected to fall in behind it.
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Rabobank has said the German response to total loss-absorbing capacity (TLAC) rules places senior unsecured debt at risk, and advised against its adoption as a Europe-wide solution.
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Deutsche Börse, owner of the Frankfurt Stock Exchange and Eurex, brought some calm to a frazzled bond market on Thursday, with what market participants agreed was a successful issue.
