Germany

This week’s £1.88bn ($2.43bn) IPO of The Hut Group (THG) in London is leading to hopes that European technology firms will follow in listing on their home markets rather than in the US.

Bookrunners on the IPO of Hensoldt, the German sensor maker that supplies the defence industry, has enjoyed a strong start to its bookbuilding process after setting a range for its IPO on Wednesday.

Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors.

Hamburg Commercial Bank is getting ready to issue a new tier two capital bond with an unusual five year tenor, as part of its efforts to reconnect with investors following its privatisation in 2018.

Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors.

French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.

Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.

Instone Real Estate, the German residential property developer, has found strong support for its €182m rights issue, which it announced in August to fund an acceleration of its growth strategy.

Munich Re was able to attract €5.7bn of orders for a new tier two on Tuesday, its first in green format. The issuer printed the deal through fair value using the momentum gained through the books.

French agency Cades will debut its social bond framework in dollars on Tuesday, less than a week after it raised the largest ever bond in the format with its inaugural issue in euros. It will share the market with the International Development Association (IDA), which is preparing to kick off its 2020/21 funding year with a sustainable development benchmark of its own.

Rentenbank is moving forward with its plans to issue a debut euro green benchmark bond following a series of investor meetings over the past few weeks.

Several sources have told GlobalCapital that a clutch of new investors have entered the Schuldschein market, tempted by higher spreads brought on by the pandemic.