Germany

Berlin Hyp took advantage of its flat covered bond credit curve and the steepness of the interest rate curve to issue a high yielding 12 year mortgage Pfandbrief on Tuesday, in a larger than usual size.

Sparkasse Holstein has obtained a provisional rating from DBRS for its mortgage Pfandbriefe, though whether this leads to distributed issuance remains to be seen.

Germany has picked banks for its eagerly awaited 30 year green bond. Bankers expect the deal to go well since it will be one of the rare German syndications to offer a positive yield.

The IPO of hGears, the German maker of high-precision gears for e-mobility, was covered on Monday, less than a day into book building, according to a source close to the deal.

Commonwealth Bank of Australia’s New Zealand subsidiary, ASB Finance, has mandated leads for the first Kiwi covered bond since January 2019. At the same time, Berlin Hyp has appointed lead managers for a 12 year mortgage Pfandbrief.

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.