IFR Special Reports

IFR Germany Special Report 2014

As a solo performer, Germany has few rivals and many fans, striking all the right notes and rising sublimely above Europe’s discord as the DAX posts all-time highs, data show a growing economy, and unemployment dips to the lowest rate since unification.

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Stories in Special Report

Germany tables

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DAX-bound

After parting company with its private equity owners, ProSiebenSat.1 seized the opportunity to refinance its debt to diversify its investor base and cut costs.

Freewheeling

The global economic recovery is accelerating, which bodes well for Germany’s automotive sector given that it needs a continued appetite from investors to meet its credit refinancing needs.

Creeping up on the Big Six

Germany’s property boom is unstoppable. A 40% increase in investment in Q1 looks to be the start of a record year as property portfolios change hands.

If it ain't broken ...

Germany needs to play catch-up with its infrastructure as the amount spent is far too low for upkeep and maintenance.

Nowhere to hide

As Europe edges tentatively towards closer political integration and a banking union, the need for a thorough examination of the banking system has become increasingly obvious. While Germany is seen as the economic powerhouse of the continent, much less is known about the intricacies of its banking system. The forthcoming Asset Quality Review should change all that.

Sum like it hot

The rivalry to be the European hub for Dim Sum has been intense. Frankfurt does have a real chance to be the centre for trade-related renminbi transactions.

Discovering new avenues

The supply of German covered bonds is still off its peak, but innovative structures give the sector some hope.

Here be dragons

The shipping industry may be one of the biggest threats to German banks due to rising NPLS and shipping firms failing to pay their loans and debts.

Metro sixpack

The NRW joint cities’ bond highlights innovation – and a new level of collaboration – in the German muni market.

Standing in the middle

Germany has had to tread a delicate path since the financial crisis first erupted in 2008, particularly when it also threatened, within several years, to tear the eurozone apart.

Elusive prey

Some mid-sized firms are keen to raise money from new sources, including private placements. The next struggle will be to remain relevant globally and stave off acquisition attempts from global cash-rich firms desperate for skills reach and relevance.

Returning the favour

The draft of Germany’s federal budget for 2014 includes the facility for the Finanzagentur to post up to €8bn as collateral against derivatives exposures. Dealers hope to see the move replicated by other large sovereign issuers.

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