Germany
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◆ Successful growth of deposit base funds tender ◆ P&L uptick ◆ PBB has not issued public debt since January -
After Tuesday's difficulties, the Dutch bank showed the market works
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Convertible issuance slowed this quarter, despite rising rates and higher share prices
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Tuesday’s four covered bonds were challenging to sell
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Issuer's paper is trading tightly despite the new loan pushing expected demerger talks further away
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Jumbo loan comes amid talks with German government on split
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Two German issuers each took planned €500m from oversubscribed books on the same day as the sovereign
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Deutsche Pfandbriefbank has successfully grown its deposit base
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German, Norwegian and Italian deals were successfully priced on Wednesday but lacked sparkle
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SSA trio keep dollar investors busy with two, five and 10 year bonds
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◆ Demand for Commerzbank deal less than expected ◆ 6bp-7bp of premium needed ◆ Senior unsecured supply glut eats up covered demand
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Deal increased from €150m to €350m
