Germany

German Startups Group, the Berlin-based venture capital firm, had been due to finish bookbuilding its IPO on Thursday, but instead extended the sale until Tuesday 21 July.

German Startups Group had been due to finish bookbuilding its IPO on Thursday, but instead extended the sale until Tuesday 21 July.

Deutsche Pfandbriefbank, nationalised during the financial crisis, made its stockmarket debut on Thursday and traded up 6.5%, after pricing its IPO on Wednesday evening at the bottom of the range.

Rocket Internet, the German internet business group, raised €550m this week with a convertible bond that was criticised by rival bankers, but according to bookrunner JP Morgan was “a super-successful transaction”.

Greek parliament gave bankers the result they were hoping for on Wednesday night, providing strong market conditions for two well established eurozone issuers — Commerzbank and BPCE — to issue five year bonds, taking a combined €1bn in the covered bond market. Sizable orderbooks and minimal new issue premiums proved that the market is very much in full operating mode.

Three block trades took place on Tuesday night, as Europe’s equity capital markets appear to be returning to normality after the stress of the Greek debt negotiations of the past few weeks.

An unwelcome slump in deal activity comes just as banks are getting back on the front foot, writes David Rothnie.

Garfunkelux Financial Services, a German debt collection company, on Wednesday became the first European company to break the ice in the mainstream euro high yield market by starting a roadshow for a €365m deal.

CVC Capital Partners took another swift step towards its exit of Evonik Industries on Monday night, pouncing after the German chemical company’s shares had hit an all time high to sell a block of shares for €519m, in a deal that was increased.

Landesbank Baden-Württemberg has printed the first widely distributed euro benchmark in covered bonds since early June. Rival bankers said the deal proves that European investors are receptive to the right trade, but the Greek storm is not over yet and may mean that issuance windows are limited.

Aroundtown Property Holdings, the German-focused property company, raised €320m on Monday with a capital increase conducted as an intraday accelerated bookbuild, that was really its IPO.

Moody’s positive rating action on German and Italian covered bonds will help improve structural demand for selective programmes. However, with Fitch still rating many programmes at a lower level the full benefit will be muted.