Germany
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KfW sold its first Sonia floating rate note on Wednesday, with the deal pricing at the tightest ever spread for the product in syndicated format. -
The banks that ran the €1.6bn IPO of AUTO1, the online car selling marketplace, waived a lock-up agreement on Tuesday night to allow a group of pre-IPO shareholders to sell a 4.6% stake in the company. The trade could have been controversial given there remains some debate about early lock-up waivers but it was warmly received by investors.
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Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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The State of North Rhine Westphalia launched a dual tranche bond on Thursday, having postponed the deal due to last week’s crowded and volatile market.
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Equity capital markets bankers have showed this week they are happier to underwrite big block trades for clients than they were earlier in the year, a sign of a healthy market for large secondary sales.
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SMBC Nikko has hired Markus Steilen as managing director and head of continental European debt syndicate, based in Frankfurt, as it expands its capital markets capabilities in the region.
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German telecoms company United Internet began bookbuilding a Schuldschein on Wednesday afternoon, according to market sources. It has the tightest pricing on a new deal since the pandemic began.
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Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.
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Belgian supermarket chain Louis Delhaize launched a Schuldschein on Tuesday afternoon, according to market sources, joining a band of retailers tapping the market this year.
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Three public sector issuers hit the market with euro deals on Tuesday, but each opted to raise €500m or less. Their success could embolden Land NRW to return with its deal, but the market has yet to be tested by an issuer of its class.
