Germany
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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.
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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.
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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.
