Germany
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The Schuldschein market is counting on a late summer pick-up in issuance to make up for a barren first half of the year. If deals do not pick up, the market could reach only €14bn of issuance in 2021, half its volume in 2017.
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Lazard has hired a former Citigroup banker to run its equity capital markets advisory practice for Germany, Austria and Switzerland. -
KfW is marketing a tap of a green Kangaroo in the short end of the curve in what will be the third deal from a public sector borrower in the Australasian bond markets this week.
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RBC Capital Markets has hired three women to its European global equity sales business at director level in London and Frankfurt.
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Guarantor: Federal State of North Rhine-Westphalia
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Larger Asian and European commercial bank lenders are being scaled back by as much as 90% in certain Schuldscheine, as sluggish deal flow prompts arranging banks to make tough decisions.
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Barclays has hired seasoned investment banker and KfW board member Ingrid Hengster as its new country CEO for Germany and global chairman of investment banking.
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Covered bond primary activity slowed to a trickle in euros on Wednesday as DekaBank issued an oversubscribed sub-benchmark sized five year public sector covered bond amid a pick-up in European Central Bank purchases. At the same time, Muenchener Hyp (MuHyp) tapped the Swiss franc market in the wake of a four part Sfr910m ($992m) deal issued on Tuesday by Swiss Pfandbriefbank.
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The IPO of Novem Group, the German car parts supplier, is set to be priced at €16.50 a share, according to sources close to the deal.
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KfW has had a strong start to 2021, raising over €50bn in the first six months of the year — around two thirds of its target. The agency will face new challenges in the latter half of the year, particularly in the form of the European Union’s colossal Next Generation funding programme. But treasurer Tim Armbruster, and head of capital markets Petra Wehlert are confident they can navigate the new landscape.
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Novem Group, the German car parts supplier, is targeting a valuation of up to €830m in ts IPO on the Frankfurt Stock Exchange, it revealed on Thursday.
