Germany

Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.

Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.

Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.

The IPO of Suse, the German open-source software company, was covered quickly during its first day of bookbuilding in Frankfurt.

Globus, a German family-owned retailer, has launched a Schuldschein, joining a roster of other retailers stocking up on cash in the market.

A €1.15bn block trade in shares of Daimler, the German carmaker, was greeted warmly by investors on Tuesday night and has traded well in the aftermarket on Wednesday.

Deutsche Bank launched its first euro additional tier one (AT1) in about seven years this week, taking advantage of an impressive first quarter performance to raise €1.25bn of capital from €6bn of demand.

A consortium of shareholders in Delivery Hero, which had acquired a stake in the company following its acquisition of South Korean tech firm Woowa Brothers, sold a 9.8m share block in the German food delivery company on Tuesday night.

The Pfandbrief market is in the middle of a tumultuous year which includes not only the adoption of the EU's Covered Bond Directive but also digesting the bloc's Taxonomy for Sustainable Activities. Of course, this is all happening against the backdrop of the coronavirus pandemic and lockdowns, which have hit the commercial real estate market that underpins much of the product. Jens Tolckmitt, chief executive of the Association of German Pfandbriefbanks (vdp), spoke to GlobalCapital about how the market has coped.

Zuercher Kantonalbank is getting ready to become the first local Swiss bank to issue senior paper in euros, ahead of an important period in its funding schedule.

Deutsche Bank is planning to issue a new additional tier one (AT1) in euros, as it looks to offset the impact of “certain regulatory changes” and work towards meeting its leverage ratio target.

Erste Group Bank is lining up its first sustainability bond, as it looks to take advantage of a quiet period for new issuance and a recent back-up in rates.