Germany
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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.
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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.
