Germany

AUTO1, one of Europe’s largest digital marketplaces for the sale of second hand cars, has joined the continent’s burgeoning IPO pipeline.

US private equity group KKR has cut the size of its stake in ProSiebenSat.1 Media, the German media company, raising €148.50m.

DZ Bank said this week that it will redeem eight tier one bonds issued out of special purpose vehicles, in preparation of the EU’s Capital Requirements Regulation transition period ending.

Intermediate Capital Group, the UK alternative asset manager, has hired Philippe Arbour from Palamon Capital Partner to help further develop its Senior Debt Partners strategy.

Specialist private lender Kartesia has appointed a full time head of corporate social responsibility and environmental, social and governance issues.

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, January 11. The source for secondary trading levels is ICE Data Services.

Deutsche Pfandbriefbank (PBB) has mandated leads for a three year dollar covered bond in a move that underscores the importance it attaches to matched currency funding.

Sixth Street and Investec this week both said they had closed European direct lending funds.

Investec has announced the first close of an inaugural direct lending fund targeting Western Europe’s small cap companies, which Investec believes are underserved by banks and other lenders.

Traton, the Volkswagen subsidiary which makes MAN, Scania and VW commercial vehicles, on Monday launched a sustainability-linked Schuldscheine with a minimum target of €400m. The first SSD deal of the year, Traton’s target size is a good indication the market is looking to make up ground it lost last year.

A senior funding manager at KfW who was responsible for leading the borrower’s sterling and dollar deals, has left the German agency.

MTN issuance out of Asia and Sweden provided some of the week’s bright spots in what was otherwise a quiet start to the year. With the public market now in full swing, bankers expect the private placement market to get up to speed in the coming weeks.