Germany

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.

Germany’s Finanzagentur is holding calls with investors this week to sound out interest for a planned syndication of a 30 year green bond, the sovereign’s third and longest deal in the format.

Muenchener Hypothekenbank (MuHyp) priced the tightest ultra-long dated Pfandbrief in 18 years this week, setting the record a day after Bayerische Landesbank (BayernLB) priced the tightest covered bond of the year and the tightest Pfandbrief since late 2018.

Deutsche Bank’s investment banking group was among the best performers in a strong all-round quarter for the German firm.

There is a golden opportunity for banks to set a precedent by issuing sustainability-linked bonds across the capital stack, rather than waiting for regulators to finish fretting over the guidance.

Muenchener Hypothekenbank (MuHyp) issued its second ultra-long dated Pfandbrief of the year on Tuesday, flat to the curve and into good demand at the tightest spread for this tenor and longer in the past 18 years.

German open-source software company Suse has announced its intention to float on the Frankfurt Stock Exchange, joining the lengthy queue of European companies seeking to go public.

Bayerische Landesbank (BayernLB) was set to price the tightest covered bond of the year on Monday and the tightest Pfandbrief since late 2018, boding well for two follow-on transactions from Muenchener Hypothekenbank and Natixis Pfandbriefbank.