Germany
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Berlin Hyp’s €500m five year mortgage backed Pfandbrief issued on Thursday ranked as one of the more highly oversubscribed deals of the year from Germany and broke a succession of barely subscribed German covered bonds that had been issued over the past six weeks.
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The bank for Germany’s medical profession may be small, but it is very well capitalised, its rarely issued covered bonds are highly overcollateralised, and the top rating is exceptionally well protected. The bank is due to start roadshowing from Friday.
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DVB Bank SE reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve. -
After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew a sizeable chunk of Asian investors.
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Berlin Hyp has mandated leads for its third covered bond of the year but its first with a five year maturity.
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Sponsored CommerzbankCommerzbank Corporates & Markets examines the international attractions of Germany’s private placement solution
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Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.
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The German covered bond market is set for expansion, with the little known Deutsche Apotheker- und Ärztebank appointing leads for a roadshow. At the same time, another small German covered bond issuer, Pforzheim Calw, opened books for a sub-benchmark sized deal to be priced Wednesday.
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.
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Deutsche Bank took the criticisms of its ‘Strategy 2020’ plan — announced in April by then co-CEO Anshu Jain and followed shortly thereafter with his resignation — dead seriously, preparing investors for a shocking third quarter loss as it prepares to divulge new details on the plan.
