Germany
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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. -
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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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.
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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.
