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The article reports on the entry of sovereigns into the Schuldscheine market as bank issuers have struggled to keep their dominance in the market during the credit crisis. Schuldscheine was traditionally a very private product for German banks and companies bought by German investors. The most common Schuldscheine paper is the German Federal State Schuldscheine notes. Among the advantages of Schuldscheine is the fact that it can be treated as loans and receivables.

The article reports that German airport management firm Fraport has sold 800 million euros of 10 year paper at 180 basis points (bp) over mid-swaps on September 1, 2009. According to some bankers, this transaction could be the start of a trend of rare and unrated companies coming to the bond market. The deal, led by Commerzbank, Deutsche Bank, DZ Bank and Landesbank Baden-Württemberg, received 250 orders and was priced at the tight end of 180-200 basis points (bp) guidance. German public sector bodies own a 50% stake in Fraport.

This article focuses on the $1 billion (bn) Eurodollar bond issued by KfW on May 20, 2009. It has a triple A credit rating and will mature by May 28, 2013. BNP Paribas and Credit Suisse served as joint bookrunners in this deal, while the Federal Republic of Germany acted as its guarantor. According to the bookrunners, the KfW issuance was oversubscribed at €1.25bn. 15% of the issuance's distribution was sold to Switzerland, the bookruners note.

The article reports that the German government is leading a Eu1.5bn bail-out of IKB Deutsche Industriebank. KfW, which wants to sell its 38% stake in the bank, will not provide any more cash to IKB, after leading two previous bail-outs. A source said that the German government would provide Eu1bn of the bail-out package and has asked private banks to provide the additional Eu500m. IKB has been at the heart of the subprime crisis, as one of the first banks to be affected by a liquidity drought in the asset-backed commercial paper (ABCP) markets.

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.

The article reports that banks from every sector of the German market have contributed a total of Euro 3.5 billion to cover potential losses of up to 20% on IKB's Euro 17.5 billion of investments in asset backed securities, both on and off balance sheet. It was discovered though, that the losses causing the uproar are nearly all potential, rather than actual. Talks that Germany was facing its worst banking crisis since 1931 was greatly exaggerated.

The article reports on the €2.4 billion of senior paper in euros and sterling launched by international industrial gases company Linde in the corporate bond market. It mentions that the great demand for the euro tranches came from Germany and Great Britain while the sterling tranches also attracted investors outside Great Britain. It notes that despite limited trading which resulted from the late pricing of the issue, both euro tranches earned 1 basis point (bp) tighter during the closing.

The article reports that the euro swap curve have steepened following developments in the U.S. market and the disappointing Eu5.39 billion sale of 30 year paper of Germany in January 2006. There is a possibility that Japan may end its zero interest rate policy in the near future. The Eu5 billion 15 year asset swap spread of BTP from Italy is the biggest issue during the period.

Reports on the recruitment of Klaus-Rainer Wagenknecht as head of Albis Securitisation AG, a subsidiary corporation of leasing company Albis Leasing in Germany. Career background of the executive; Duties and responsibilities of Wagenknecht in the company; Plans of the executive for the securitisation platform.

Focuses on the plan of Clearstream to provide a reporting service which was introduced by its competitor Euroclear for EuroCP (Euro coupons) issuers that allows them to scrutinise the trade price of its dealers. Issuers that signed up to Euroclear's service, including Sigma Finance; Comparison of services offered by the companies; Views of several dealers on price transparency.

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 on the preparations made by HVB Group to finance a Stendal pulp mill project in Germany as of September 13, 2002. Background on the project; Debt structure for the project; Sponsors of the project.

Focuses on the launching of bond issues by the Pfandbrief Bank International in Germany in May 2002. Estimates on the price of the issue; Information on the downgrading of Hypothekenpfandbriefe bonds from Allgemeine HypothekenBank Rheinboden by Moody; Sources of demands for the bond.

Details the bonds that Energie Baden-Wurttemberg, a utility company from Germany, plans to issue. Value of the bond offering; Expectations from investors; Credit rating of the company.

Reports that Commerzbank and HSBC Trinkaus launched a deal for German precious metals and coin producer Deutsche Nickel in August 1999. Information on the corporate debt market in Germany; Indications of the transaction; Value of the deal.

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 offers information on the eurobond issue by German bank KfW in July 2010, which was guaranteed by the Federal Republic of Germany. The bond issue of 2 billion euros, lead managed by BNP Paribas and Bank of America Merrill Lynch, had a coupon rate of 1.75% and a four-year maturity period. The bookrunner said that the book achieved a total of 2.25 billion euros from 67 orders.

The article presents information on a bond issued by the Nationwide Building Society (NBS). The 1.25-billion euro bond was launched on January 12, 2010 and will mature on January 20, 2015. According to NBS, it received 150 orders in the book, majority of which are investors from France, which took 35% of the deal, and the others are from Switzerland and Germany. Bookrunners emphasize the strength of the credit market since the deal reached 2.4 billion euros worth of book orders.

The article offers news briefs related to loans in Western Europe. The loan facility negotiated by Germany-based food retailer Edeka Zentrale with 25 banks on November 26, 2009 will be increased by 200 million euros. The financiers of SAF-Holland, a supplier of truck parts based in Germany have agreed to provide an additional loan of 315 million euros and restructure its credit facility that will be due in September 2014. The purchase of Gaymer Cider Co. by Irish beverage company C and C Group is financed by a bank loan worth 60 million British pounds.

The article provides information on the bond launched by KfW. Guarantor of the deal is the Federal Republic of Germany. The bond was rated Aaa/AAA/AAA. The amount of the deal is ¥100 billion global and will mature on March 22, 2011. Joint bookrunners include Daiwa SMBC Europe, Mitsubishi UFJ International and Nikko Citigroup. Bookrunners' comments are also presented.

The article focuses on bond transactions issued by public sector borrowers in U.S. dollars. The maturity of the bond deal of Inter-American Development Bank is on June 16, 2008. The guarantor of the deal issued by KfW is the Federal Republic of Germany.

Reports on the decision of the German government to increase its securitisation of pension payments for retired postal and telecommunication workers with a bond deal launch through the German Postal Pensions Securitisation PLC. Pricing strategy of lead managers Deutsche Bank and Morgan Stanley for pension asset-backed securities; Purpose of classifying the deal as off balance sheet; Percentage distribution of the bond issue.

Provides information on German companies which have launched bond offering denominated in euro as of February 2, 2001. Compagnie de Financement Foncier; Dexia Municipal Agency; Rheinboden Hypothekenbank AG; Value of the offerings; Lead managers of the offerings; Credit ratings of companies.

A chart is presented that lists information the sovereign bond Laenderschatzanweisung Number 44 issued by Germany's federal states as of January 24, 2014.

The article reports on a five-year bond issued by L-Bank, the German development bank of Baden-Württemberg, in December 2012. The deal is described as the best pricing to swaps the bank has ever achieved for a euro benchmark. The deal was handled by bookrunners including Commerzbank, JP Morgan and UniCredit. The strong representation of domestic and international accounts in the transaction is also cited.

The article focuses on the success of German reinsurer Hannover Re's subordinated issuance in November 2012. The German reinsurer priced a 500 million euro tier two bond off a 5.6 billion euro book which traded up to 30 basis point (bp) tighter in the aftermarket and led in the rest of its curve by around 15bp.

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 offers Kreditanstalt für Wiederaufbau's (KfW) comment on its 2.5 billion Eurodollar coupon launched on August 8, 2012. Guaranteed by the Federal Republic of Germany, the Aaa/AAA/AAA rated deal was at issue/re-offer price of 99.931 and 1.625% coupon with maturity on August 15, 2019. It claims that their second Eurodollar deal for 2012 is their biggest ever in that format. KfW reportedly opted to go for a bigger size deal than planned, with Goldman Sachs and UBS as bookrunners.

The article reports that Münchener Hypothekenbank (MuHyp), HSH Nordbank and Deutsche Bank have joined other covered bond issuers who are taking advantage of the increasing demand for German assets in 2012. MuHyp offered the tightest spread for a German 10-year covered bond and the lowest ever coupon. Lead underwriters include Deutsche Bank, DZ Bank, and Goldman Sachs International.

The article offers information about the 1-billion U.S. dollar bond issue from KfW. Guaranteed by the Federal Republic of Germany, the bond will mature on March 13, 2015 and has a coupon of three month Libor plus basis points (bp). Bookrunners include Citi and Credit Suisse. The issue has been given a rating of Aa/AAA/AAA.

The article reports on the plan by China-based shoe firm Ultrasonic to begin bookbuilding moves for its initial public offering (IPO) in Frankfurt, Germany in late-November 2011. Another Chinese firm, handbag maker Powerland, listed in an 82 million euro deal in early 2011. BankM was appointed as sole lead manager of the Ultrasonic deal.

The article provides information on the one-billion-euro bond issued by the Federal State of North Rhine-Westphalia in Germany on October 18, 2011. The bond has a spread at re-offer price of 16 basis points (bp) over mid-swaps. Among the joint bookrunners of the deal are DZ Bank and WestLB. Asian participation in the transaction was said to be lower compared with other deals from the German state.

The article presents information on a 348.447-million-euro offering that was launched by Schiphol Nederland BV on April 28, 2011. The deal had several bookrunners including Royal Bank of Scotland plc, ING Group, and Deutsche Bank AG. The deal received support from various countries including France, the Netherlands, and Germany.

The article reports that Compagnie de Financement Foncier (CFF) has launched a 1 billion euro worth 10-year benchmark deal in April 2011. According to the article, the deal of CFF was slow in taking off despite the stable outlook provided by Fitch for French issuers. An overview of the debate over the reasons behind the struggle of the CFF transaction is provided. The breakdown of shares in the CFF deal is provided, with 39 percent for France and 38 percent for Austria and Germany.

The article offers information about the 5-billion euro bond issue from KfW. Guaranteed by the Federal Republic of Germany, the bond will mature on April 11, 2014 and has a coupon of 2.25% and a spread at re-offer of mid-swaps less 19 basis points (bp). Banks involved in the deal include BNP Paribas, Citi and Commerzbank.

The article suggests that the passing of the German Credit Institution Reorganisation Act may affect more than 330 billion euros of German bank debt. Approved at the end of November 2010, the act will cover new and outstanding debt. The new law will implement a three-step process which will limit the systemic risk of a financial institution facing difficulties.

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 the successful syndication of the two year rollover loan for German car marker Daimler. The deal has raised over 4 billion euros in syndication. Daimler will sign banks into the deal as early as October 2, 2009. It relates the margin and tickets offered by the deal for banks. The deal has reopened the European corporate bond market.

This article reports on the private placement of a 476.35 million euro securitisation of German car loans by FCE Bank, Ford's European captive finance unit. Particular focus is given to the price structure of the deal and its rating. The deal has a cash reserve of 4.45%. An asset-backed security banker not involved in the deal says FCE's private placement is quite competitive.

This article reports on the buyback of a bond of E.On AG in a tender offer in February 2009. The German utility offered to buy the notes at a fixed price of 101.00% of their nominal value plus interest. Although many investors welcomed the opportunity to raise liquidity by participating in the offer, the company said that of those investors that did not participate in the deal, the majority did not do so because of a lack of suitable replacement investments in terms of yield, maturity and credit quality.

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.

This article describes a bond issued by the State of Hessen on September 25, 2008. Basler Kantonalbank and Commerzbank served as the bookrunners of the bond. According to the bookrunners, investors are looking for this kind of quality bond and they are still reluctant to buy financials. They noted that about 12 institutional investors were involved in the bond.

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.

The article focuses on the €1.75 billion floating rate note (FRN) of Deutsche Bank launched on October 15, 2007. The official price guidance of 28 bp area was set after marketing the FRN to a few important investors. The distribution of the deal was driven by domestic demand in Germany. Banks acquired 80% of the deal while 20% went to funds.

The article focuses on the €500 million bond deal issued by Kaupthing Bank on June 14, 2007. The maturity of the deal is on June 29, 2009. The transaction was initially launched at 20 basis points for a maximum €500 million trade. The biggest orders for the deal came from Germany, Great Britain and France.

The article focuses on the €1 billion bond issued by Natixis SA on May 21, 2007. The transaction was rated Aa2/AA/AA. The price guidance for the deal, which was sole managed by Natixis, has been tightened to 21 basis points. About 30% of the bond was sold to France and 20% each to Germany and Austria.

The article presents a stock market analysis for the State of Berlin in Germany. Investors were aware on the issues of big debts incurred by the issuer. When it started marketing the deal, it had demand for six, eight and ten year maturities. Because dates were too close to one another, it opted for two tranches. Investors appreciate the rarity of the name and it gives them an opportunity to diversify their portfolio.

The article reports on large securitizations to refinance the acquisitions of German property portfolios launched by private equity groups Terra Firma and Fortress. GRAND, the claimed largest property securitization in Germany via Barclays Capital and Citigroup, was priced by the Deutsche Annington. Securitization of German multi-family properties worth 2.66 billion euro was priced by private equity group Fortress.