Germany

A German agency could help push green bond issuance for the final three months of 2015 towards a record quarterly level, after mandating on Monday for a deal.

A poor third quarter for Commerzbank’s investment banking division and the announced retirement of its chief executive has done little to spoil the bank’s overall sense of momentum, as it posted better profits than had been widely expected and revealed it would pay its first dividend in eight years.

A steady start to the week in the European corporate bond primary market had clicked into gear by Thursday, as corporate issuers emerged at pace from earnings blackouts.

In this round-up, Macau’s RMB deposits, SDR review decision drawing close, BRICS NDB and AIIB ready operations, BoC reports on RMB business in first three quarters, and CFETS plans a joint venture with Deutsche Boerse.

China’s newly launched Cross-border Interbank Payment System (CIPS) is fundamental to the internationalisation of the renminbi as it centralises liquidity and will save costs, says Marcus Sehr, global head of institutional cash, global transaction banking at Deutsche Bank.

The flying cars and self-drying suits that Marty McFly discovered on October 21, 2015 in Back to the Future may not exist, but self-recovering auto credit spreads have been in evidence over the past week – taking Europe’s big carmakers back to the levels they enjoyed in September before the Volkswagen emissions scandal.

Eurogrid, the German electricity grid operator, swept through the primary bond market at pace on Tuesday with an €880m dual tranche issue that showed there was life in the long dated market.

L-Bank

Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.

L-Bank jumped on strong momentum in euros this week to print its first benchmark of the year in the currency. The five year note found no shortage of demand and drew the biggest order book the issuer has had since 2006.

Next month sees the launch of the China Europe International Exchange (CEINEX), a joint venture between China and Germany. The exchange will develop and distribute offshore RMB including five new ETFS that are expected go live at the same time as CEINEX.

Hapag-Lloyd, the German container shipping firm, is still hoping to complete its $410m IPO, but has extended the bookbuild by a week in the hope of gathering enough demand. The deal was shrunk before the start of the bookbuild.