Berenberg research notes

Equity Capital Markets


Berenberg executes a multitude of transactions on the capital market

Having already successfully completed 65 equity placements with a total transaction volume of more than EUR 20bn since the beginning of 2013, Berenberg once more underlined its outstanding position in Equity Capital Markets (ECM). With 51 ECM transactions in the German speaking region alone since 2013, Berenberg is the #1 investment bank in Equity Capital Markets (by number of issues).

Berenberg is currently involved in the following transactions, while we are also preparing various transactions which are not public yet:

• Deutsche Wohnen (Rights Issue, Co-Lead Manager)

Overview of ECM transactions



Economic Calendar

Economic Calendar

  • Eurozone: credit cycle turning, confidence stable
  • US, UK Q1 GDP: downrevision and uprevision, respectively
  • Spain regional elections: has Podemos peaked?
View the Economic Calendar for the week starting on 25 May 2015



Global Outlook: Risk Control is Working

Current macro presentation

  • Low oil prices: big boost for Western world, tough luck for Russia
  • US: consumers and companies in good shape = solid growth after weak Q1
  • China: sufficient growth despite slowing trend, risks well contained
  • Eurozone: oil, exchange rate and ECB boost growth as tail risks fade
  • UK: solid recovery but mind the politics; Brexit risk receding
  • Tail risks: Emerging market crash, Putin’s war, Grexit, euro politics?
Open the document here

Forecasts at a glance


Diverse Fahnen

Forecasts at a Glance

A weekly update by our economists

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Golf and charity


Gary Player visits young homeless people

At last year’s Berenberg Gary Player Invitational in Wentworth, USD 100,000 was collected for the Depaul UK charity. Golf icon and Berenberg brand ambassador, Gary Player, along with Dave Mortlock, Berenberg Head of Equities, have now visited Depaul UK’s London-based Willesden Hostel, a long-stay hostel providing accommodation and specialist support for young homeless people between the ages of 16 and 25. “It’s been fantastic to come and see how the money we raise through the Berenberg Gary Player Invitational is put to such amazing use by DePaul UK,” said Gary Player. The 2015 Berenberg Gary Player Invitational will take place at its now regular UK home of Wentworth. An all-star cast of PGA Tour professionals from around the globe will participate in the event along with Player himself to celebrate the union of golf and giving.

press information

Berenberg Impulse


Adding a dash of colour to your portfolio

The current issue is devoted to liquid alternative investments. Our author Björn Schmuck takes a brief look at the correlation between asset classes and explains which alternative investment products are suitable for contributing largely market-independent income within a diversified portfolio.

Read more in the Berenberg Impulse of may


BARBARISM VS. UTOPIA - Adressing social challenges with profitable business models

Berenberg London Private Banking and Big Society Capital welcomed Nobel Peace Prize winner and founder of Grameen Bank, Professor Muhammad Yunus and CEO of Danone, Emmanuel Faber, who discussed the role of social business within global corporations.

Read more here...

Debt Capital Markets


Debt Capital Markets Team with a successful start in 2014

In 2014, Berenberg expanded its already prominent position in European Debt Capital Markets successfully and originated numerous primary market transactions, including Corporate, High Yield, Convertible, Covered and Government Bonds as well as Private Placements. Berenberg acted as a Bookrunner in eight transactions. The highlights in 2014 included, among others, the placement of the first registered benchmark bond as Sole Global Coordinator and Bookrunner with a volume of EUR 500m for the Slovak Republic, followed by a EUR 245m Private Placement for the province of Lower Austria (EUR 210m (Float), EUR 35m (Fix)). The DCM-Team further successfully issued a EUR 275m Convertible Bond including the tap for Grand City Properties S.A as well as a EUR 250m High-Yield Bond for Hapag-Lloyd. Additionally Berenberg placed several international transactions, e.g. in Greece (Intralot SA EUR 250m High Yield) and Great Britain (Playtech PLC EUR 297m Convertible). 

In continuation on the successful year 2014, Berenberg is currently working on further transactions which are expected to be closed soon.

Selected DCM transactions

Berenberg Impulse


Adding a dash of colour to your portfolio

The current issue is devoted to liquid alternative investments. Our author Björn Schmuck takes a brief look at the correlation between asset classes and explains which alternative investment products are suitable for contributing largely market-independent income within a diversified portfolio.

Read more in the Berenberg Impulse of may



25 years of support for up-and-coming young artists

For 25 years, the Berenberg Bank Foundation of 1990 has been supporting emerging talent in the cultural field. The 2015 Berenberg Culture Prize was awarded to saxophonist Asya

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Berenberg brand ambassador Grace wins in Qatar

At the Commercial Bank Qatar Masters, Berenberg brand ambassador Branden Grace secured his sixth title on the European Tour for professional golfers. Grace is the only player so far to have won two tournaments in the current season.

more information

Weekly Insights

Berenberg’s weekly views and thought 
leadership articles from our investment 

Latest news and market data on emerging market bonds and equities.
Weekly Market Update

Global Outlook
An uneven recovery
View the current macro presentation

Forecasts at a glance
uneven global recovery
Read the forecast



Cooperation in the areas of financing and investment banking

Berenberg and Bayern LB, one of the major funders of companies in the high-end SME segment and of large companies in Germany, will jointly provide companies in the German market with a comprehensive range of services. The aim is to become the first point of call for financing and investment banking.

Press infomation





In a comparative analysis of today’s “Tech Bubble 2.0” market versus the late 1990’s, Adnaan Ahmad, Research Technology Hardware Analyst at Berenberg, with over 25 years experience in the sector a top-ranked analyst since 1999 (Reuters/Institutional Investor/Extel), discussed several key issues that pose credible threats to the technology giants of today, and endeavoured to answer the underlying question; are we in Tech Bubble 2.0 and, if so, when will this bubble burst?

Read more



Cover of the 2014 Euro Plus Monitor


Once a year, we lean back and take an in-depth look at the adjustment progress and the fundamental health of 21 European countries. This year, we again find further significant improvements.  But the pattern is very uneven. The key insights of our 2014 Euro Plus Monitor, published jointly with the Lisbon Council.

Full study



12th Berenberg European conference

Our European conference at Pennyhill Park near London continues to grow this year, with 272 corporate representatives in attendance, up by 20% on last year and an almost tenfold increase since our inaugural conference in 2003. In the next four days, our clients will have the opportunity to see presentations across four sector-themed streams a day, and our events team will manage the logistics of over 2,000 meetings. 
2014 has been another exciting year for Berenberg Equities. The investment we have made in our team at a time when many of our competitors are scaling back has made us the fastest growing investment bank in European equities. We continue to pride ourselves on our reputation for providing client-focused, high-quality research, sales and execution services. With a team of 80 analysts, more than 50 equity sales people, and a coverage set to hit around 550 shares by year-end, we offer one of the broadest research products in the market.



Fixed Income Sector Study: The German real estate industry

The German real estate industry benefits from various megatrends, sound economic growth, and strong underlying structural factors. We see strong upside potential particularly for convertible bonds issued from German residential real estate companies.

Companies covered in this study:

  • Adler Real Estate AG
  • Deutsche Annington AG
  • Deutsche Wohnen AG
  • DIC Asset Management AG
  • Grand City Properties S.A.
  • LEG Immobilien AG
  • TAG Immobilien AG
Read more here...


Picture of Dr. Holger Schmieding


In his webblog Berenberg's chief economist Dr Holger Schmieding writes about current market events - and his view on them.


 Seit 1993 berichtet Dr. Schmieding über die Finanzwelt.



Aktuelle Themen der Finanzwelt werden beleuchtet und kritisch hinterfragt.



Global Private Banking Awards: Berenberg named “Best Private Bank in Germany“ for the fourth consecutive year

Hamburg. Berenberg has, once again, been recognised as Best Private Bank in Germany at the 2014 The Banker & PWM Global Private Banking Awards. This is the fourth consecutive year that Berenberg has won in this category – the only bank in the history of the awards to have achieved this.

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Sector special - container shipping - finally the auspicious land ahoy?

Six years ago, the shipping sector witnessed a downturn that entered history books of the industry. As of today, the environment is still tense and overcapacity remains a concern. However, Maersk already called out the bottom of the global trade cycle in late 2013 and Moody’s upgraded its industry outlook to stable in April 2014. Also Berenberg positions itself on the more bullish side of the market as half of the most relevant industry drivers indicate a moderate recovery while the others point to a more neutral development… 


Companies covered in this study: A.P. Møller - Mærsk A/S, CMA CGM S.A., Hapag-Lloyd AG

Read more here

Read the latest issue of Equities Highlights

This issue of Equities Highlights takes an in-depth look at the General Retail, Leisure and Logistics sectors, all of which have encountered opportunities and challenges.

View Equities Highlights - Issue 6 Focus on Germany

Past issues:
Issue 5 Online

Issue 4 FIFA World Cup issue.

Issue 3 UK coverage edition.

Issue 2 Innovation issue.

Issue 1 best ideas edition.

The latest news and views from our UK economist Rob Wood

Rob Wood regularly contributes to The
Telegraph newspaper. Click on the links below to read more about his views on the economy:

With the stroke of a pen, there was growth

UK has little to fear from stronger sterling

Russia will lose the most from sanctions

Putin, not the pound, is the big risk for UK manufacturers

Clarity is vital now rate hikes are approaching

A weaker euro will not solve French problems

Follow Berenberg economists on Twitter

Berenberg's chief economist Dr. Holger Schmieding is No. 1 for Europe again

In the annual Thomson Reuters Extel survey, financial professionals have chosen Berenberg chief Economist Dr. Holger Schmieding as the top-ranked analyst for Pan-European Economics & Macro. Read more

Get the latest economic updates from our award-winning economists here



PAM logo

Berenberg wins Investment Product or Service Innovation category at PAM Awards 2014

Berenberg has been recognised for its commitment to developing innovative investment management solutions by being named winner in the 2014 PAM Awards Investment Product or Service Innovation category, announced in March 2014. more

Read up on all winners of this years' PAM awards in an article from 

Annual Report

April 2014

Annual Report 2013

Annual Report 2013

Berenberg finished the year 2013 with outstanding results - please find further details in our annual report. 

View our Annual Report here

Money Transfer

SEPA - Single Euro Payments Area

The new SEPA directive came into force on 1st February 2014. The different national payment schemes for credit transfers and direct debits will be replaced with the new uniform SEPA payment scheme across all European countries. 

Instead of your bank account number and sort code, you will in future need the IBAN (International Bank Account Number) and BIC (Business Identifier Code). Both codes can be found on your account statements or your girocard.

Further information about SEPA
Berenberg Wappen