Germany
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A German agency has drawn over €7.5bn of orders for a euro benchmark despite offering a negative yield — leaving bankers puzzled over why no other issuers are hitting screens in the currency.
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Germany has wiped €6bn from its 2015 funding target, with the reductions to come at the short end of the maturity curve. -
Hapag-Lloyd announced on Monday its intention to float in Frankfurt, as it finally launched a deal which had been in the pipeline for a very long time.
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A German agency is set to tackle the short end of the euro curve, as a fall in rates across the curve limits issuers’ options in the currency.
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SCBC returned to the covered bond market on Monday, following Swedbank, which priced a larger deal at a tighter spread in the same tenor last week. The difference in fortunes is simply a function of the market conditions, which were not good last week, but have deteriorated further. Separately, DVB bank is set to price a €250m shipping loan Pfandbrief.
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Steilmann, the German clothing retailer that aims “to make people feel fabulous about themselves”, announced today that it was preparing to float in Frankfurt by the end of the year.
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A violent reaction to German car company Volkswagen’s admission that it had used defeat device software in some of its diesel vehicles over a six year period tracing back to 2009 gripped capital markets this week.
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The European Union has just €1.2bn left of a €5.2bn funding plan for September and October, having raised €2bn with an eight year this week that many bankers praised as evidence of normalisation of the pricing process in euros.
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UBS pulled in $13bn of demand for a holdco senior debut in dollars this week, which for some bankers showed the gulf between attitudes towards loss-absorbing debt on either side of the Atlantic.
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ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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Stagecoach Group, the UK bus and train operator, filled the book for a £400m bond issue more than twice over on Monday, breathing life into a previously empty sterling market.
