Germany

DVB Bank SE reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve.

After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew a sizeable chunk of Asian investors.

Berlin Hyp has mandated leads for its third covered bond of the year but its first with a five year maturity.

Commerzbank 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.

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.

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.

Deutsche Bahn

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.

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.

German businesses Schaeffler and Covestro successfully completed their initial public offerings this week after having scaled back on their targeted deal sizes.

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.