Germany
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Kommuninvest and KfW found good demand for short dated dollar benchmarks on Thursday despite difficult market conditions.
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Scout24 and Covestro, two German firms that began bookbuilding their initial public offerings on September 21, have received very different responses from the market. -
Rheinmetall, the German defence and car parts company, has refinanced a €500m revolving credit facility, as its beleaguered defence arm is scrutinised by Moody’s.
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World Bank on Wednesday sold the largest dollar benchmark from an SSA since July, as other issuers lined up deals in the currency.
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Royal Bank of Scotland has promoted two bankers to replace the head of its German business who is leaving.
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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A German agency has drawn over €7.5bn of orders for a euro benchmark despite offering a negative yield — leaving bankers puzzled over why no other issuers are hitting screens in the currency.
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Germany has wiped €6bn from its 2015 funding target, with the reductions to come at the short end of the maturity curve.
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Hapag-Lloyd announced on Monday its intention to float in Frankfurt, as it finally launched a deal which had been in the pipeline for a very long time.
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A German agency is set to tackle the short end of the euro curve, as a fall in rates across the curve limits issuers’ options in the currency.
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SCBC returned to the covered bond market on Monday, following Swedbank, which priced a larger deal at a tighter spread in the same tenor last week. The difference in fortunes is simply a function of the market conditions, which were not good last week, but have deteriorated further. Separately, DVB bank is set to price a €250m shipping loan Pfandbrief.
