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The article reports that German engineering firm Siemens raised Eu1.1 billion in its first benchmark-sized Schuldschein deal. The deal was split into five year and seven year fixed and floating rate tranches. The Schuldschein market has increased in popularity among large corporate issuers recently because it offered cheaper funding than the bond market when corporate bond spreads widened this year.

The article reports that Vodafone tapped the Schuldschein market which offers further proof of the German debt instrument's growing international following. The borrower plans to debut with a five year Schuldschein of at least €200 million. The deal will be split into floating and fixed tranches, the distribution of which will depend on investor demand. Lead arrangers on the deal are Commerzbank, DZ Bank and WestLB.

The article reports that the city state of Berlin, Germany ventured into the euro market by selling seven year fixed rate bonds and issuing a six year floater in July 2013. Berlin's 1.5 percent August 2020 notes was priced by BayernLB, Dekabank and UniCredit at three basis points (bp) over mid-swaps. It then sold six year floating rate debt priced by LBBW and WGZ Bank which failed to reach full subscription.

The article reports on the success of the corporate bond issuance by French waste management company Veolia and German utility firm E.On in the sterling bond market in October 2007. Veolia issued a $500 million 30 year deal through Barclays Capital, HSBC and Royal Bank of Scotland. The French company brought its deal at 150 basis points (bp) over Gilts, equivalent to 115bp over swaps. E.On priced £500 million of 12 year paper and £900 million of 30 year bonds.

The article presents an update on the covered bonds market in Germany as of May 2006. The Eu1.5 billion mortgage of HVB benefited from the scarcity of German 10-year paper. BayernLB has been mandated by Stadtsparkasse München as bookrunner for a public sector mortgage.

Comments on bond issues launched from May 24 to 26, 2005. Background on the bond transaction in U.S. dollar in Germany; Price of the bond in euro issued by Compagnie de Financement Foncier.

The article reports on the €3 billion fixed/floating issue launched by Danske Bank in the regional bond market in Europe. It cites that the floating issue lured as much as €6.6 billion of orders across both tranches. According to the author, the concept behind regional transactions is to drill down to smaller accounts including savings banks in Germany but also elsewhere in Europe. It states that Danske opted for a four lead approach in order to include the key regions in Europe where it wanted to sell the bonds.

The article reports on the issuance of a bond by Dusseldorfer Hypothekenbank in Germany in July 2006. It states some factors that prompted the company to issue the bond. The price of the bond is cited. Moreover, this article reveals the position of the government and financial institution markets on the issuance of the bond.

Focuses on the efforts of German mortgage banks to promote the jumbo Pfandbrief covered bond market in Europe. Economic reforms implemented in the primary markets; Significance of the development of mechanisms designed to cater a broader range of investors; Factor that led to the foreign currency issuance of Pfandbrief bond.

The article reports that the covered bond market has suffered one of its most volatile days. Dealers have decided by majority vote to quote wider bid/offer spreads for non-core covered bonds than for core markets, defined as Germany, France, Austria, Luxembourg and Depfa. ACI Germany was chosen as the forum for market-makers to discuss such situations after the Allgemeine HypothekenBank Rheinboden episode in October 2005, the last market-making crisis in covered bonds.

The article presents information on the bonds issued by Kreditanstalt für Wiederaufbau (KfW). Deutsche Bank is the lead manager for its Huf3 billion bond issued on March 4, 2006. The Federal Republic of Germany is the guarantor for a Huf6 billion bond issued by KfW.

Focuses on the effect of the possible sale or liquidation of Allgemeine HypothekenBank Rheinboden (AHBR) on the position of Pfandbrief in Germany's capital markets. Highlights of the 10th anniversary celebration of the jumbo Pfandbrief market sponsored by Eurohypo in Frankfurt on May 12, 2005; Factor that led to the crisis of AHBR; Provisions of the Pfanbrief Act.

The article reports on the covered bond market in which several issuers are preparing new jumbo issues for launch. Accordingly, bankers have said that these issuers are keen to take advantage of the earliest sign that the market has continued to get into the market ahead of the competition. One banker in Frankfurt, Germany has mentioned that they are confident that if issuers go out with the right approach and use the proper price guidance, then they can print successful transactions.

Presents an update on the bond market in Germany as of October 2004. Launch of the public sector Pfandbrief bond by Berlin Hannoversche Hypothekenbank; Introduction of the Pfandbrief bond of Sparkasse Bonn; Approval of the draft Pfandbrief act by the government.

Reports that the city of Leipzig in Saxony, Germany will issue euro dominated bonds in 1999. Lead managers for the bond deal; Target investors; Offering of bonds in small denominations; Explanation of Brigitte Merouani, head of syndication at ABN Amro, on the idea behind the special printing and timing of the launch.

The article focuses on the 5-billion € in bond guaranteed by the Federal Republic of Germany and arranged by Credit Suisse, Deutsche Bank and JP Morgan on October 10, 2012. The bond has a maturity date of October 17, 2019 and priced at 99.23 or 1.25% in coupon. A borrower notes that there is a demand for the seven-year segment of the bond, which has become a benchmark maturity. The bond was purchased by commercial banks, central banks, insurance companies and corporations.

The article reports on a 2 billion euro dual tranche senior self-led deal issued by Société Générale after the order book closed at 2.5 billion euros. France purchased 43 percent of the bonds, Germany and Austria bought 26 percent, and other countries such as Great Britain and Ireland bought bonds. Forty-seven percent of the paper was bought by fund managers.

The article offers information on the 500 million euro transaction of Landesbank Berlin. The bookrunners claim that the deal was the first lower tier two issue that came from a bank in Germany since 2007. The author notes that Landesbank Berlin is not a well known name internationally, that is why the size of the transaction was always going to be small.

The article reports on record orders in the German segment of the government guaranteed (GG) market by Commerzbank. HSH Nordbank and Bayerische Landesbank (BayernLB) priced 3 billion euros and 5 billion euros three year SoFFin backed deals, respectively. German investors have come out in force in their local deals, taking 42% of Commerzbank's.

The article reports that Hypo Real Estate's (HRE) crisis has affected the German bond market. Despite the provision of a €35 billion (bn) credit facility by the German government and banking industry, the future of HRE group, and its subsidiary Depfa, remained in doubt and most of its covered bond ratings were placed on negative review. But the rating agencies all took negative rating actions on HRE group's covered bonds. Standard & Poor's also placed the ratings of HRE group on watch negative.

The article reports on a bond transaction launched by KBC Ifima on January 25, 2008. The deal is valued at 500 million euro and will mature on January 25, 2010. According to a bookrunner's comment, the deal is an exciting transaction especially given that this is the first FRN benchmark priced in the public market since October 2007. The deal was received well in the market, and Great Britain, Germany, Austria, Belgium and France were the main buying regions.

This article discusses the outcome of the decision of the Finanzagentur in Berlin, Germany to issue the first foreign currency bond of the Federal Republic of Germany in over 50 years in 2005. The Finanzagentur had chosen Deutsche Bank, Goldman Sachs and Morgan Stanley to lead the offering. Demand for the deal removed any concerns one might have expected ahead of such a deal. Around 60% of the total issue went to Asia.

Reports on the re-opening of the global dollar bond market by Landwirtschaftliche Rentenbank in August 2003. Value of the bond transaction offered by Rentenbank; Response of the market to the bond issue; Support provided by the German government to the bank.

The article discusses the decision of the German bond market to focus its attention on the capital markets and its impact on loans. According to the author, borrowers in the country have held up in the midst of the financial and economic crises. Bankers also noted the positive performance of German bond syndicates which dominated the European market. It cites the role of the bond market in the recovery of the syndicated loan market and notes how German corporate borrowers have successfully launched deals in the European loan market.

The article discusses the state of Germany's Pfandbrief market. At the start of 2009, the market was able to resist the pressures it faced from the government which include the extension of a scheme that would enable banks to issue three- and five-year issues backed by the Financial Markets Stabilisation Fund. It notes how the market has become a viable funding option with the launch of several deals, including a 1 billion euro five-year public sector via Commerzbank, Landesbank Baden-Württemberg and société Générale.

This article presents a roundtable discussion among bankers which took place in Germany in April 2009 and sponsored by DZ Bank. The participants discussed the euro sovereign, supranational and agency bond market. Among the participants are Herbert Barth of the funding unit of European Commission, Antonio Cordero of the ICO and Carl Heinz Daube of the Budesrepublik Deutschland-Finanzagentur. Barth noted the success of the European Commission's issuance. Daube discussed the uncertainties facing the market. Cordero explained the problem of low rating.

The article presents a EuroWeek/DZ Bank roundtable discussion on the evolving market concerning bonds aimed at regional groups of investors. Among to participants in the discussion were Theo Brockmann, managing director and head of sales at DZ Bank's Frankfurt, Germany headquarters, Arnold Fohler, managing director and head of fixed income origination and syndication at DZ Bank in Frankfurt and Tero Rautasuo, vice president and head of fixed income in the debt capital and treasury markets department at OKO Bank in Helsinki.

The article focuses on the success of the inaugural inflation-linked bond Bund linker issued by the Federal Republic of Germany in March 2006. German investors obtained around 20% of the orders. The opening of the German investor base to inflation-linked product is expected to benefit issuers. The lack of arbitrage in the deal can be attributed to the level of expectations that supranational or agency issuers will launch another transaction similar to the nominal benchmark. INSET: The season of the linker.

Focuses on the significance of the pot system, a code of conduct agreed upon by the members of the Association of German Mortgage Banks, to the jumbo Pfandbrief covered bond market in 2002. Other actions taken by the German banking industry to address the problems in the market; Factor that led to the recovery of the jumbo Pfandbrief market; Importance of communication skills to mortgage banking.

Discusses the strategies adopted by German banks to address the problem of illiquidity in the issuance of a jumbo Pfandbrief covered bond in the 1990s. Reason behind the emergence of the Pfandbrief market according to Helmut Petit, head of non-Bund domestic capital markets at Bayerische Hypobank; Criticism on the features of the bond issued by Frankfurter Hypothekenbank Centralboden; Action taken by other market participants to solve the challenges facing bond issuance.

The article presents information on international bond issues in U.S. dollars by public sector borrowers in March 2006. A 5% coupon in the five year maturity could be achieved by the bond issue of Inter-American Development Bank. The bond issue of Japan Bank for International Co-operation was launched on March 9 participated by BNP Paribas and Citigroup. The federal republic of Germany served as the guarantor of the bond issue of KfW.

Compares the approach adopted by DEPFA Deutsche Pfandbriefbank AG in the covered bond market with other government lending agencies in Germany. Pricing methodology of the company in the primary market; Efforts of DEPFA in international marketing of the jumbo Pfandbrief; Implication of the strength of the DEPFA balance sheet, according to Wally Höfer-Neder, global head of capital markets. INSET: Breaking into the US market.

Reports on the recovery of the German bond market as of March 2004. Factors that contributed to the market turnaround; Expectations of issuers on the upgrade in Moody's rating; Changes in the models of mortgage banks.

Assesses the strength of the demand for corporate bonds in Germany as of October 2003. Popularity of corporate bonds with investors; Demand for the corporate bond launched by Volkswagen; Price of the corporate transaction launched by BMW; Challenge posed by the development of debt capital markets for second and third tier companies; Problem faced by the bond market.

The article reports on the huge scale financing opportunities offered by the Schuldschein market to market borrowers as investors search for premier credit quality names that they could acquire with minimum impact to yields. It presents the jumbo Schuldschein for Bavarian utility Stadtwerke München (SWM) that was the biggest so far in the securities market as of the second week of June 2010. Munich, Germany-based Bayern LB's Gerhard Kraus says that investors are looking for quality deals since the economic crisis.

A commentary from bookrunners on the bond issued by HSH Nordback on April 29, 2009 is presented. Bookrunners included Commerzbank, DZ Bank and HSBC. They said it was the second visit of the issuer to the German government guaranteed bond market. They went out with guidance slightly tighter than the whisper at 20 basis points to 23 basis points, given the strength of investors' response. They also felt that they have reached the right balance between pricing and size.

The article reports on the Schuldschein market in Germany. When new Schuldschein deals from multinational companies were issued early in 2008, the injection of new supply failed to dent funding for the Mittelstand. It cites the reasons for the popularity of corporate Schuldschein notes in 2008, such as that Schuldschein were priced favourably compared with public bonds. By July 2008, the market for corporate Schuldschein loans consisted of at least 50 unrated deals with a total value of about €13 billion.

The article reports on the public sector borrowers market in Germany. It states that the German public sector issuers have had few difficulties accessing the bond market in 2008. It notes that the threat of a glut of supply from bank issuers backed by government guarantees is putting serious pressure on public sector bond spreads. While government guaranteed bank debt appears to be a threat to public sector borrowers while the bond market assesses its effects, not all issuers see this as a negative and some think it could even open up opportunities.

The article focuses on the increasing 10-year bond issuance by top rated issuers in January 2007. Treasuries softened and the 10 year yield flirted with 4.8%, enticing even more buyers into the market. The ZEW survey showing a marked improvement in business confidence in Germany helped to keep European government bond yields firm and Belgium scored a massive success.

Reports on the trend towards quality of credit issues in the European bond market. Impact of the downgrades of General Motors and Ford in May 2005 on corporate bond market; Ingredients to the success of L-Bank's benchmark transactions in March 2005; Reason for the decision of the Federal Republic of Germany to launch its first post-war foreign currency issue in May 2005.

Reports on the readiness of Germany's Pfandbrief market to regain its status as the top European covered bond market as of October 2003. Contribution of the German economic recovery to the recovery of the bond market; Attitude of investors toward the market; Amendment to the German Mortgage Banking Act.

Focuses on debut borrowers in the corporate bond market in Germany in 2002. Reasons for the decline in debut issuance from corporate borrowers in the euro market in Europe; Increased interest in new credits; Debut issues of several companies.

The article offers information on the bond offering of the State of North Rhine-Westphalia in Germany in the European finance market on March 26, 2013. It mentions that the bonds are set to mature on March 13, 2020. The offering was launched with support from several finance companies including BayernLB, Deutsche Bank and DZ Bank.

The article reports on the decision of Volkswagen Leasing to issue four series of notes from its revolving VCL master trust platform, backed by German automobile leases. The notes are similar to public asset-backed securities (ABS) medium-term notes (MTN) program that company usally used. Under German jurisprudence, leasing assets must be refinanced within three to four months in order to prevent the risk of clawback.

The article focuses on the 1.25-billion € bond issued by Crédit Agricole SA on October 11, 2012, which was arranged by Crédit Agricole CIB. According to the bookrunners, there was a strong demand for the bond in the secondary market despite the credit rating downgrade received by Spain. The bond was ditributed in France and Benelux and investors made deals in Germany and Great Britain.

The article reports on the one billion dollar Reg-S/144A bond issue that was launched by KfW on June 26, 2012. The issue is guaranteed by the Federal Republic of Germany. The joint bookrunners of the deal are Goldman Sachs and JP Morgan. The geographical distribution of the deal are 57% in Asia, 26% in the Europe, the Middle East and Africa (EMEA) and 17% in the Americas.

The article reports on the three benchmark covered bond deals from Deutsche Postbank, Kommunalkredit Austria and LBBW that helped in the recovery of the market. The deal from Deutsche Postbank was bought by a large German account on three reasons, including the declining German issuance, the attractiveness of the issue premium, and the acquisition of a stake in Postbank by Deutsche Bank as positive credit development. Figures show that the deal from Kommunalkredit Austria was priced at mid-swaps plus 68 basis points (bp), on a book of 640 million Euro.

The article reports on the jumbo bond transactions issued by the German retail bank Deutsche Postbank in 2009. A €1 billion (bn) five year inaugural public sector Pfandbrief was sold by Deutsche Postbank on July 3, 2009. Postbank also launched on February 5, 2009 a 1 bn euro five year mortgage backed Pfandbrief that was only the fourth euro jumbo since September 8, 2008.

The article reports on the concerns expressed by German bankers over the lack of big deals in the bond market. As a result, they are worried that they could potentially lose the competition for recapitalisations as they are reluctant to tap their shareholders funding. Only a single deal has been announced, the €410 million-€420 million capital increase for pay TV provider Premiere.

This article explains that although covered bond issues found several funding challenes closed to them for the whole of 2008, primary issuance of Pfandbriefe was so heavy in the first three quarters of 2009 that over the whole year issuance was up 13% to €153 billion, according to the Association of German Pfandbrief Banks (vdp). German issuers only reverted to the more traditional private Pfandbrief market to fill the gap left in their funding after the collapse of Lehman Brothers.