Germany

Guarantor: Federal State of North Rhine-Westphalia

Edag, a German company that specialises in providing engineering services to the car industry, started investor education on Wednesday for a Frankfurt IPO.

Deutsche Apotheker- und Ärztebank, or apoBank, received a strong endorsement from investors for its first benchmark Pfandbrief in more than seven years.

A comparison of existing European covered bond laws suggests German credit quality will be hit hardest if Europe adopts a single covered bond framework. The European Commission has proposed a Pan-European covered bond law, prompting Moody’s to release the study this week.

Avicem HK, a subsidiary of Shenzhen-listed Avic Electromechanical Systems Co, has wound up a €350m ($384.6m) loan with a group of four banks.

Hapag-Lloyd, the German container shipping company, succeeded in completing its IPO, after a hard campaign in which the outcome had looked in doubt.

A trio of SSA issuers made moves to mop up short end dollar demand on Tuesday. NRW Bank printed a $1bn bond and two others mandated for deals.

NRW.Bank has gone further out along the curve with a syndicated bond than it has for several years — and managed to find some new investors with its third green bond.

Following its recent roadshow, Deutsche Apotheker- und Ärztebank eG has mandated leads for a €500m no grow Pfandbrief.

Deutsche Bahn priced a Sfr175m 10 year bond on Monday, its first issue in Swiss francs for over a year.

Steilmann, the German clothing retailer, has managed to sell all the shares in its Frankfurt IPO, but only after substantially shrinking the offering.

Two SSA issuers kept it short and sweet in dollars during a fairly quiet market on Monday. One has opted for a long three year floater and the other a fixed rate 2017.