Pfandbriefbank starts €1bn IPO despite turmoil, soon covered

After a week’s hesitation, Deutsche Pfandbriefbank has gone ahead with its IPO, in a sign of confidence in the market – despite the ever uglier masses of cloud building over Greece and China. If it is completed, the deal will raise over €1bn, and be almost certainly the largest IPO left in the European market before the August lull.