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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 presents bookrunners' comment and market appraisal for the bond offering of Landwirtschaftliche Rentenbank. The deal marks Rentenbank's second dollar global bond offering of 2008 after its successful March 2013 benchmark issued at the end of January. It supports their stated strategy of regularly providing liquid benchmarks to investors in their role as a German federal agency for the agricultural sector.

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.

The article presents credit ratings and assessments for issuers and guarantors of yen-denominated bonds. The Federal Republic of Germany receives a credit rating of Aaa/AAA/AAA for its ¥50 billion bond offering with a coupon rate of 1.35%, while Renault SA receives a credit rating of Baa1/BBB+/BBB+ for its ¥50 billion bond offering.

The article focuses on triple-A issuers in Germany including KfW, Rentenbank and Finanzagentur. It mentions the benchmarks implemented by German triple-A issuers in the country. For the foreseeable future, KfW is likely to remain the only triple-A German borrower to explore the potential of the smaller Asian currency markets. A chart that illustrates how the issuers have dominated European syndicated bonds and minor currency funding in 2006 is presented.

The article presents information on euro bonds issued by several public sector borrowers in Europe. KfW has issued €1.25 billion, guaranteed by the Federal Republic of Germany, which will mature on December 15, 2008. Rede Ferroviária Nacional has issued €600 million, guaranteed by the Republic of Portugal, which will mature on November 16, 2026.

The article presents information on the bond issue in euro of the federal republic of Germany in March 2006. The bond was launched on March 7 and was participated by ABN Amro, Barclays Capital and BNP Paribas. The final decision for the price guidance involved a lot of discussions with investors. The deal has opened up other markets, including the Netherlands and France.

The article focuses on the inflation-linked ten-year issue bond that will be launched by the Federal Republic of Germany in March 2006. The value of the deal is Eu5.5 billion. The mandated arrangers of the deal are ABN Amro, Barclays Capital, BNP Paribas and Deutsche Bank. The bond deal would encourage wider participation from investors in the capital market.

Focuses on changes in the business models and funding strategies of Landesbanks in Germany. Rating of the bank in the Standard & Poor's index; Factors that influenced the changes in the bank's business model and strategy; Contention of the European Commission in its dispute with the German public sector.

Focuses on the performance of the syndicated loans market in Germany as of November 2005. Impact of the transactions of Landesbanks on the loan industry; Benefits of syndicated loans to banks; Reasons behind the preference of Mittelstand to syndicated loans.

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.

Provides information on the German state of Saxony-Anhalt as European borrower to access the Islamic investor base, with a sukuk or Islamic leasing bond that achieved a cost of funds in line with the state's ordinary levels in euros. Value of a five year sukuk or trust certificates issued to investors by a special purpose vehicle incorporated as Stichting Sachsen-Anhalt Trust; Reasons for the state's decision to use an Islamic compliant structure; Value of the sukuk issue deal for Dubai's Department of Civil Aviation via the Dubai Islamic Bank.

Reports on the Eurobonds sold by Germany in July 2004. Decision of Deutsche Bank and Goldman Sachs to increase the securitization of the Eurobonds; Use of the bond to fund the budget deficit of the country; Amount of Russian Paris Club debt of Germany.

Reports on the revival of the leveraged finance market in Germany as of October 2003. List of foreign banks that have focused intensively on the potential in the German leveraged finance market; Reasons behind the popularity of the market with leveraged finance teams; Sources of deal activity.

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.

Reports on the problems of the German Pfandbrief market. Background on the collapse of the stock markets; Information on the credit quality of issuers; Details on Depfa's global dollar bond.

Reports on the success of the euro denominated benchmark program of Germany-based Kreditanstalt für Wiederaufbau (KfW) in 2001. Reasons behind the success of KfW; Principles of the euro benchmark program; Details on the callable transactions of KfW; Amount of global dollar transactions of KfW.

Reports on the addition of high-yield bonds to corporate refinancing by German bakery Kamps. Use of the bond proceeds; Aim of the refinancing; Lead managers for the transaction.

States that Germany's corporates are realizing that in order to raise successful bond issues they need the ratings agencies on their side. Internationalization of the German corporate bon market; Corporate bond issues of JM Voith AG and FAG Kugelfischer; Steps toward the capital markets.

Reports that DePfa bank will follow Essenhyp in international Pfandbrief rush in Germany. Mortgage banks' capitalization on the demand for liquid triple-A product in the euro era; Pfandbrief market's chances of attracting an international audience.

The article reports on the decision of German transport lender DVB Bank to increase its focus on international demand in 2013. The company is part of the cooperative DZ Bank Group. Topics discussed include the percentage of DVB Bank deals that stayed in Germany during the year, the company's three and five year senior transactions in May and August, and the pricing of DVB Bank's latest transaction with lead managers that include DZ Bank, LBBW, and UniCredit.

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 success of the seven year bond issued by the German State of North-Rhine Westphalia in April 2013. Lead managers include Barclays, BayernLB, Deutsche Bank, DZ Bank and LBBW. Investors viewed the deal as a Bund surrogate given the attraction of a strong German credit. Meanwhile, federal states Bavaria and Hesse are challenging the system of tax transfers through the courts.

The article reports on the one billion euro bond issue that was launched by L-Bank on December 5, 2012. The loan was guaranteed by the State of Baden-Württemberg. The joint bookrunners of the deal are Commerzbank, JP Morgan, UniCredit and the Landesbank Baden-Württemberg (LBBW). The geographical distribution of the deal includes Germany, Switzerland and Africa.

The article reports on German mail operator Deutsche Post DHL's issuance of a bond in December 2012 in an effort to deal with a deficit in its German defined benefit pension fund. The amount of money raised from equity-linked and straight debt investors who participated in the deal is mentioned. A separate convertible bond issue by the company also raised a further one billion euros for the company's pension scheme.

The article reports on the 500 million euro bond issue that was launched by Wirtschafts-und Infrastrukturbank Hessen -- WIBank on November 28, 2012. The deal is guaranteed by the Federal State of Hessen. The joint bookrunners of the deal are Commerzbank, DZ Bank, Helaba, UniCredit and the Hong Kong and Shanghai Banking Corp. (HSBC). The geographical distribution of the deal includes 65% to Germany, 16% to Scandinavia, and 8% to Benelux.

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 discusses the bond issued by the German bank Landwirtschaftliche Rentenbank on October 16, 2012. The bond's maturity date is October 23, 2019 and the joint books were handled by Citi, Deutsche Bank, and RBC Capital Markets. The strength of investor interest in Europe, the U.S. and Asia is mentioned. The issue was mostly taken by central banks and official institutions, followed by banks and asset managers.

The article reports that German bank Bayerische Landesbank has issued a dollar benchmark covered bond. The transaction is the German issuer's first publicly syndicated Pfandbrief in dollar since 2005. The bond was initially priced at 30 basis points over mid-swaps. JP Morgan was the sole bookrunner for the deal.

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 presents information on the Eurobond issued by Deutsche Pfandbriefbank on September 4, 2012 and will mature on September 11, 2015, which was arranged by Commerzbank, Deutsche Bank, DZ Bank and LBBW. The issuer will used the bond as a senior unsecured funding based on meeting with investors on a bilateral basis. The bond will be distributed to other banks, funds, insurance and other financial services sectors in Germany, Switzerland, Austria, Luxembourg and Scandinavia.

The article reports on the five-year Eurodollar bond issued by Japan Finance Organization for Municipalities (JFM) and on the issuance from Rentenbank of Germany. The deal from JFM had closed at over 2.5 billion U.S. dollars with banks taking 45.6% of the trade. It discusses the response of investors to the bond from German agency, Rentenbank.

The article comments on the part-bond, part-loan Schuldschein product in Germany. According to the author, investors are attracted to the product because it has simple and lean documentation. The product is also currently unsecured. However, issuers are calling for a secure format as many investors look for more protection.

The article reports on German Development Bank KfW's oversubscribed deal at the Eurodollar market on August 8, 2012 with a blowout seven year as it sensed pent-up demand that secondary markets could not satisfy. KfW priced a 2.5 billion dollar deal at 1.625% bond with books closing at 3.4 billion U.S. dollars. KfW head of funding Petra Wehlert claims that there was not much secondary flow with the summer Olympics underway but that supply created demand in this instance.

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 five billion euro bond issue that was launched by KfW on May 22, 2012. The issue is guaranteed by the Federal Republic of Germany. The joint bookrunners of the deal are BNP Paribas, JP Morgan, and the Hong Kong and Shanghai Banking Corp. (HSBC). The geographical distribution of the deal includes 20% in Germany, 9% in Switzerland, and 9% in France.

The article reports on the 1.25 billion euro bond issue that was launched by ABN Amro on March 21, 2012. The joint bookrunners of the deal are ABN Amro, Citi, DZ Bank, Goldman Sachs, and the Royal Bank of Scotland. The geographical distribution of the deal includes 32% in France, 19% in Germany and 4% in Switzerland.

The article assesses the four billion euro bond issued by KfW on March 13, 2012 with maturity on March 20, 2019. The borrowers state their strategy and aim in issuing the euro bond and also determine the selling points of the bond transaction, including the high Bund spread offered by seven-year notes. The bookrunners express confidence in the investors' search for yield and note the revision made to the deal's price guidance.

The article reports on the 750-million euro five-year bond issue from MAN, a truckmaker in Germany. Lead managers for the deal include Banca Imi, Bayerische Landesbank, Commerzbank and Santander. The issue was rolled out with volatility in the financial markets due to fears that the Greek government bond swap may night attract participants.

The article reports that artificially tight pricing in the syndicated loan market in Germany as domestic lenders, which have a renewed focus on their home markets, chase too little available business. Michael Dawson-Kropf, a senior director in the banking group at Fitch Ratings, says there is a risk of mispricing in the market and loans flow is likely to be subdued in 2012. However, activity in the German loans market may not keep pace with domestic banks' growing balance sheets.

The article reports on the preference of German agencies to sell taps and the first Hong Kong dollar deal for 2011 sold by the Industrial Bank of Korea (IBK). Land Schleswig-Holstein sold a 30 million euro six-year floater, while KfW sold two 25 million euro taps of its July 2016 and January 2017 fixed rate notes. IBK sold a one year 241 million Hong Kong fixed rate note and a 10-year 20 million U.S. dollar callable range accrual.

The author comments on the lack of details of the plan developed by the Chancellor of Germany Angela Merkel and President of France Nicolas Sarkozy to stabilise the eurozone. He highlights the failure of the governments in the European Union (EU) to develop contingent plans right after the fiscal crisis of Greece. An overview of comments from politicians that relate to solutions to the financial crisis is provided.

The article discusses an evaluation of the 1.5 billion U.S. dollar global bond issued on September 8, 2011 by the Landwirtschaftliche Rentenbank in Germany. The issue was facilitated by Citi, Daiwa, JP Morgan, and HSBC. The article notes that the issue serves as the last benchmark for Rentenbank in 2011 with 75 percent of the bond allocated to central banks, and 18 percent to asset managers.

The article announces the plan of German power utility Energie Baden-Württemberg (EnBW) to issue a public bond in euros or sterling. In September 2011, EnBW will launch a roadshow for its hybrid capital issue. It cites the Bayerische Motoren Werke (BMW) and Deutsche Bahn deals as the last investment grade issues in euros. Information on the pressure facing EnBW's rating is also provided, along with the structure of its issuance.

The article reports on the success of Porsche in raising 500 million euros in the Schuldscheindarlehen market in Germany in 2011. Such market is composed of promissory notes that have similarities to loans. Porsche also succeeded in raising 500 million U.S. dollars with a private securitization in the U.S.

The article focuses on German banking group KfW's bond issue launched on July 4, 2011 by bookrunners Deutsche Bank, HSBC and UBS. The transaction is described as only the second time KfW has issued a tap in its Euro benchmark program. The original bond was launched in January 2011 and its good performance since then is cited as the reason why it is an ideal candidate for a reopening. The bookrunners' confidence that the deal would be attractive because of the spread is also discussed.

The article offers information on the one billion euro that was launched by NRW.Bank on May 10, 2011. The issue, which will mature on May 17, 2016, was jointly booked by Commerzbank, DZ Bank, UniCredit and the Union Bank of Switzerland. The geographical distribution of the issue is also cited, including in Germany, Great Britain and Asia.