Germany

Midcap Schuldschein issuers already have one eye on 2016 as this year’s biggest borrowers continue to enjoy oversubscribed order books.

Four issuers launched covered bonds on Tuesday following the four that launched deals on Monday, doubling supply from €3bn to €6bn so far this week. By virtue of its size, Compagnie de Financement Foncier’s (CFF) €1.25bn benchmark stood out, but the level of demand was far below its previous five year even though the concession was several times larger.

A European agency is set to bring a green bond on Tuesday as optimism grows that SRI volumes could pick up even more over the next two months.

Two European SSAs are tapping the short end of the dollar curve with just over a month to go before Thanksgiving — the traditional time for turkeys and the winding down of dollar issuance.

WL BANK AG has mandated leads for an eight year mortgage backed covered bond and Banca Monte dei Paschi di Siena (MPS) has mandated leads for its first conditional pass through, a long six year. Both transactions are likely to be priced on Tuesday.

Deezer, the French music streaming service, opened the book for its IPO on Thursday morning, as the autumn’s busy season of flotations continues to produce successes, failures and deals that get done at weakened terms.

A Berlin Hyp €500m five year was the success story of covered bonds issued this week from banks in the eurozone, standing out among deals that also included bonds from Caisse Francaise De Financement Local (Caffil) and Raiffeisenlandesbank Niederösterreich-Wien (RLB-NW).

Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan.

Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.

After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew sizeable interest from Asian buyers.

DVB Bank reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve.

After issuing a fixed rate bond yesterday, Deutsche Bahn came back to the market today (Thursday) with a €200m tap of the €400m eight year floating rate note it had printed last week.