Germany

Landesbank Hessen-Thüringen issued a four year mortgage backed Pfandbrief on Wednesday, meeting its targets for size and spread. Bankers were hopeful that more covered bonds would emerge on Thursday, as conditions were good for both core and peripheral names.

Following successful deals from Berlin Hyp on Tuesday and Helaba on Wednesday, two more German issuers have mandated leads. WL Bank and Deutsche Pfandbriefbank (Pbb) are expected to open books on Thursday, respectively for five and seven year benchmarks.

German Startups Group Berlin withdrew its IPO this week, having failed to achieve coverage on the deal, according to a person close to the situation.

World Bank joined a swarm of issuers looking to print in the dollar market with a mandate on Tuesday for the first 10 year benchmark in seven weeks.

DVB Bank SE made an opportunist move into the market on Tuesday after announcing a four year trade on Monday.

Berlin Hyp (BHH) priced a €500m three year Pfandbrief on Tuesday, of which nearly half was sold to international investors. The broad distribution, which came as a positive surprise, suggests an overriding investor need to shorten duration, which in turn implies fear of further volatility this year.

German debt collector Garfunkelux issued a €365m high yield bond on Monday, becoming the first in the mainstream, public euro high yield market since June 24.

Ado Properties relaunched its €400m initial public offering in Frankfurt on Monday, less than a month after postponing the deal because of the Greek debt crisis.

Cinven has appointed Bank of America Merrill Lynch and Morgan Stanley to lead the public sale of one of its largest assets, CeramTec, the German high performance ceramics manufacturer.

Covered bond issuers have provided more than €7bn of supply this week after a moribund spell, proving themselves to be more nimble and opportunistic than perhaps ever before.

Time is up for the covered bond lemmings. They’ve had it too easy for too long. Gone are the days of pricing a covered bond exactly where your neighbour wished they had printed theirs. Issuers need to be nimble and bankers insightful.

UniCredit Bank AG (HVB) proved that investor appetite for duration is returning on Friday when it took a €2.2bn book for its eight year €500m Pfandbrief. Only two other issuers have printed this rare tenor in 2015.