Germany
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Deutsche Bank on Thursday priced its latest Samurai deal well wide of its last effort as investors continued to digest its restructuring, while wild swings in the basis swap between yen and dollars buffet other potential issuers in the format.
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BMW returned to the bond market on Tuesday, November 10, with a €1.25bn deal, its first issue since the Volkswagen emissions scandal made investors reassess their attitude to the car industry.
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Tightly priced and low yielding Pfandbriefe issued this week by HSH Nordbank and Deutsche Hypo received less demand than usual, with HSH failing to attract enough attention to cover its deal.
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German Startups Group Berlin, a company that invests in digital technology start-ups, was finally listed on the Frankfurt Stock Exchange on Wednesday, having previously tried, and failed, to float there.
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Senior SSA bond market figures are already banking on the European Central Bank extending its purchase programme to include German regions, the response to a State of Hessen benchmark seemed to show on Thursday. Virginia Furness reports.
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Evonik Industries, the German chemical company, has been a regular feature of the equity block trade market this year as CVC has sold down its stake, and what may turn out to be the last trade came on Monday night, when CVC sold 1.9% of the company. -
Rumours that the European Central Bank will add German regions to its public sector purchase programme fuelled demand for a State of Hessen benchmark on Thursday, said bankers.
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Continental Rubber of America, a wholly owned subsidiary of Germany's Continental, issued a €500m no-grow bond on Thursday, returning to the bond market after a two year gap.
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HSH Nordbank issued a €500m five year mortgage Pfandbrief on Thursday. Despite offering an attractive new issue premium and a rare Pfandbrief spread over mid-swaps, leads struggled to fill the order book, with the structural upheaval facing the issuer compounding difficult market conditions.
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Landesbank Baden-Wuerttemberg (LBBW) went for size on Thursday as it was set to print a €500m tap of its outstanding September 2017 floating rate notes, bringing the total outstanding debt to €1.15bn.
