Germany

The secondary Schuldschein market, typically something of a backwater, has become a torrent of activity and is now busier than the product’s primary market, according to several sources, as banks rush to buy assets ahead of an ECB deadline for cheap funding on March 31. However, there are fewer banks deleveraging from their risk-weighted assets, and many more buyers than sellers.

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, March 8. The source for secondary trading levels is ICE Data Services.

Oldenburgisch Landesbank priced its debut publicly distributed mortgage Pfandbrief on Tuesday, attracting enough demand to ensure the deal size was increased to the top end of the expected range, even as the spread was tightened. But a deterioration in market conditions was blamed for its low subscription ratio.

Vantage Towers, the telecoms towers division of Vodafone, has announced the price range for its IPO on the Frankfurt Stock Exchange and secured cornerstone orders for almost half of the deal size. The deal is smaller than many had expected, as rising bond yields continues to impact wider equity markets.

Friedrich Vorwerk, the German energy infrastructure construction company owned by MBB, has announced its intention to float on the Frankfurt Stock Exchange.

FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday.

Guarantor: Federal Republic of Germany

Oldenburgische Landesbank (OLB) is set to issue its first Pfandbrief sometime next week, after mandating leads for a roadshow.

Monika Rast, UniCredit's head of multinational corporates, is taking on the additional title of deputy head of the corporate and investment bank for Germany.

Global Fashion Group, the Frankfurt-listed online fashion retailer focused on emerging markets, has successfully issued its debut convertible bond, despite volatility caused by a selloff of technology stocks in the United States.

Italy took orders of over €80bn for its first green BTP on Wednesday to become the latest sovereign to enter the green bond market. Germany was also in market, raising €3bn with its first 15 year deal via auction.

German commercial real estate company DIC Asset has launched its second Schuldschein, for an initial target of €100m, according to a term sheet distributed to investors. The debt’s margins will be tied to the proportion of green assets the borrower has on its balance sheet. Most notably, there is a ‘fast track’ settlement date for banks needing to secure assets before an ECB funding deadline that falls at the end of this month.