Germany
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 14. The source for secondary trading levels is ICE Data Services. -
German eyewear retailer Mister Spex is preparing to go public, having announced its intention to float on the Frankfurt Stock Exchange on Monday.
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As much as everyone would like to put the UK's messy divorce from the EU behind them, it remains a very live topic — especially for bankers who don't want to live in Frankfurt.
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Germany’s BMW sold two Panda bonds in China’s interbank market on Thursday, tapping onshore liquidity with a publicly syndicated deal for the first time. The transaction was also a rare public outing from a ‘real’ Panda issuer.
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Guarantor: Federal State of North Rhine-Westphalia
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The German state of Hesse was marketing its new green bond framework this week ahead a of a debut deal in the format.
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A year and a half after Brexit, investment banks are still grappling with evolving requirements to run capital markets deals for EU clients from within the bloc, with consequences for the job market there and in London.
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Greece and NRW.Bank added to the week’s primary euro public sector supply on Wednesday ahead of a closely watched European Central Bank governing council meeting on Thursday.
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Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
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Dräxlmaier, the German car parts maker, has launched a sustainability-linked Schuldschein. Deals from the car industry have been few and far between in the market of late. Investors have cooled on the sector, as there have been some high profile problems with specific credits at the same time as the industry undergoes big changes.
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A host of initial public offerings were launched on Monday as banks try to squeeze out a few more deals before the market begins to break for the summer. A fatigued investor base, though, remains highly selective and sources say only the highest quality offerings are likely to succeed.
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