Germany
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Two previously long and prominent themes of the European financial market have completed a reversal in the past week, with the iTraxx Senior Financials index trading inside the Europe Main index and credit outperforming equity.
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German businesses Schaeffler and Covestro successfully completed their initial public offerings this week after having scaled back on their targeted deal sizes.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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Deutsche Bahn made the most of an otherwise empty corporate bond market on Wednesday, increasing its latest floating rate note from €300m to €400m, making the deal its largest eight year FRN. -
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Deutsche Pfandbriefbank was on track to print €500m of long two year debt after navigating the now familiar struggles of German senior debt issuance on Thursday morning.
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Deutsche Bank’s announcement on Wednesday evening that it expects to report a net loss of €6.2bn in the third quarter isn’t expected to affect the bank’s additional tier one (AT1) bondholders.
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Deutsche Bahn came to an empty corporate bond market on Wednesday, increasing its latest floating rate note from €300m to €400m, making the deal its largest eight year FRN.
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The European Stability Mechanism looks set to issue its longest euro bond to date after sending out a request for proposals on Wednesday, as the European Union mandated for a long dated tap. Meanwhile, a German state hits the spot for investors.
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A European sub-sovereign is set to bring its shortest dated benchmark in 18 months after mandating banks on Tuesday for a four year deal.
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Covestro, the German polymers manufacturer, rose 11% on the start of trading Tuesday, having scaled back its targeted deal size by €1bn to win the investor support required.
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Münchener Hypothekenbank (MuHyp) achieved a typically tight spread for its €500m six year mortgage-backed Pfandbrief on Tuesday. But market conditions did not support a return to the heights of their last deal in July, one of the tightest deals to have priced this year.
