Germany

Deutsche Lufthansa, the German flag carrier, has exploited the huge rally in equity markets in recent days by issuing a €600m convertible bond, which attracted orders from over 200 investors.

The Royal College of Surgeons England has sold £40m of private placements, to help finance the redevelopment of its headquarters in Lincoln’s Inn Fields in London.

Germany found lacklustre demand for its second ever green bond on Wednesday. The sovereign had to contend with a big drop in Bund yields following uncertainty over the US election result.

Moody’s gave Deutsche Bank a ‘stable’ outlook for its ratings this week, helping the issuer feel more positive about its funding costs.

Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

Fresh lockdown restrictions added to a sense of anxiety in Europe at the start of the week, with credit markets already on tenterhooks ahead of the US presidential election.

The Association of German Pfandbrief Banks (VDP) has published its opinions on the proposed amendments to the Pfandbrief law. The VDP is calling for a less onerous liquidity reserve, which would be aligned with standard practice for many soft bullet maturity structures used elsewhere in Europe.

New national lockdowns in France and Germany smashed secondary equity markets this week, but ECM bankers are confident that as the shock subsides there will still be deals to do.

German e-commerce company Fashionette, which sells designer handbags and accessories online, set a price for its IPO on the Frankfurt stock exchange on Tuesday, even as the main equity index in the country took a pasting.

Münchener Hypothekenbank (MuHyp) issued a €500m 20 year flat to fair value on Tuesday even though market conditions were volatile.

Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.

European banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.