Berenberg research notes

ECONOMICS

05/12/2016

Economic Calendar

Economic Calendar

Eurozone: GDP Q3 (6 December)
Japan: GDP Q3 (7 December)
ECB Governing Council meeting and Draghi press conference (8 December)

View the Economic Calendar the week starting on 5th December 2016

AWARD

01/12/2016

Elite Report names Berenberg “Best Asset Manager” for 8th time

Berenberg defends its leading position in Germany’s private banking market

Read more in the press information

Equity Capital Markets

30/11/2016

Berenberg executes a multitude of transactions on the capital market

Having already successfully completed 105 equity placements with a total transaction volume of more than EUR 30bn since the beginning of 2013, Berenberg has once more underlined its outstanding position in Equity Capital Markets (ECM). With 81 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 preparing various transactions which are not public yet.

  • SGL Carbon SE (Rights Issue, Joint Bookrunner)

Overview of ECM transactions

Economics

28/11/2016

Global Outlook: Coping with the politics of anger

Political risks: tide of populist anger across the Western world

US: fiscal boost versus rising protectionist pressure; can Congress tame Trump?
UK: go-slow Brexit; Theresa May’s Brexit illusions; Labour in disarray
Eurozone: referendum risk in Italy; reform hope in France; Germany stable

Economic outlook: trend growth in developed world

US: consumer spending to remain firm, modest fiscal boost to come
UK: Brexit hurts with a lag – less investment now, slower trend growth thereafter
Eurozone: fiscal and monetary policy support demand as oil tailwind fades
China: trend slowdown; risks still contained but rising long-term

Open the document here

US presidential election

Here you can find Dr. Holger Schmieding's and his colleagues assessments of the situation in English and in German.

IMPLICATIONS OF THE TRUMP VICTORY by Dr. Mickey Levy

WHAT PRESIDENT TRUMP MEANS FOR THE EUROPEAN ECONOMY by Kallum Pickering

PRÄSIDENT TRUMP by Dr. Holger Schmieding

TRUMP IN THE LEAD: SERIOUS UNCERTAINTY AHEAD by Dr. Holger Schmieding

Read more here

Sponsoring

02.11.2016

Global Private Banking Awards: Berenberg wins Best Private Bank in Germany for the sixth time in a row

Berenberg has again been named the Best Private Bank in Germany. In the process, Germany’s oldest private bank became the only institution in the world to achieve this accolade for the sixth consecutive time.

PDF of press information

Debt Capital Markets

28/10/2016

Debt Capital Markets Team with a successful start in 2014

Throughout the last years, Berenberg has successfully expanded its already prominent position in the field of European Debt Capital Markets by successfully originating primary market transactions including bonds, convertible bonds as well as Promissory Notes (Schuldscheindarlehen). 

The numerous highlights in 2015 included, amongst others, the placement of a EUR 450m Pre-IPO convertible bond for Aroundtown Property Holdings. Furthermore, Berenberg’s DCM team has been rewarded with the “Marine Money Deal of the Year Award” for successfully structuring and placing a EUR 250m High-Yield Bond for Hapag-Lloyd. Further transactions comprised servicing reputable customers such as Aurelius, Investitionsbank Berlin as well as the Province of Lower Austria. 2016 equally started off very well counting several well received DCM transactions such as bond issues for CA Immobilien Anlagen AG, Aroundtown Property Holdings, Intralot SA as well as the German Otto Group.Besides straight bonds our DCM team has again been very active in the field of convertible bonds placing transactions for Grand City Properties, Buwog as well as the Spanish Indra Sistemas. Additionally, two promissory notes have recently been marketed for Feintool Holding GmbH and Helma Eigenheimbau AG with great success.

 

Tying in with the previous promising 9 months of 2016, our DCM team currently works on several non-public transactions which are expected to be closed in due course.

Selected DCM transactions

Sponsoring

14.10.2016

Bernhard Langer becomes Berenberg brand ambassador

The outstanding German golfer Bernhard Langer will represent Berenberg for the coming three years on the US Champions Tour. „Bernhard Langer is not only an ambassador for the sport of golf, but is also a very popular figure", says Dr Hans-Walter Peters, Managing Partner of Berenberg. Langer has won the Charles Schwab Cup in 2014 and 2015.

PDF of press information

Forecasts at a glance

16/09/2016

Diverse Fahnen

Forecasts at a Glance

A weekly update by our economists

Read more

ECONOMICS

11/05/2016

Dr. Mickey Levy

US presidential candidates’ economic platforms

Dr. Mickey Levy, Berenberg Chief Economist US, Americas and Asia

View the report here

Annual Report

April 2016

Annual Report 2015

Berenberg continued to expand in 2015 – please find further details in our annual report. 

View our Annual Report here

Berenberg Impulse

07/04/2016

DIVIDEND SEASON GATHERS PACE

Dividend season gathers pace

  • DAX companies will pay dividends at the record level of approximately €31 billion. 
  • High-dividend equities are a sensible alternative to low-yield bonds in the current environment.
    Read more in the Berenberg Impulse of April

    ANNUAL REPORT

    20.01.2016

    Berenberg reports big profit increase: Net profit more than doubles from last year

    As a direct result of the business expansion strategy pursued in the last few years, private bank Berenberg can report a big profit increase: Net profit for the year rose from €40 million in 2014 to a record amount of €104 million in 2015 (+160 %). 

    Press information

    Sponsoring

    19.01.2016

    Golf star Kaymer new Berenberg brand ambassador

    Berenberg is expanding its brand ambassador programme. Following in the footsteps of Gary Player and Branden Grace, former Ryder Cup captain Colin Montgomerie and Germany's top golfer Martin Kaymer will also start representing Germany's oldest private bank in 2016.

    PDF of press information

    Read the latest issue of Equities Highlights

    ALPHA:
    Satellites - Sporting Goods - Beer

    THOUGHT LEADERSHIP:
    Smon Kuper - Top Euro 2016 Picks

    ACCESS:
    Berenberg Thematics Conference

    View Equities Highlights - Issue 13

    02/10/2015

    25 years of german unity

    When the reunification of Germany became a reality in 1990, it was also time for the forecasters to take centre stage. How long would it take until the East German economy had shaken off the consequences of 40 years of communism?

    Read more about "25 years of german unity"

    ECONOMY

    30/09/2015

    Berenberg/HWWI Digital Economy study: “The world is finding new ways to connect”

    In their latest study, private bank Berenberg and the Hamburg Institute of International Economics (HWWI) have investigated the topic of the digital economy. “Old competitive advantages and market shares are coming under pressure from disruptive innovations. A new wave of digital start-ups is rolling in: only those that can combine venture capital with new ideas will be competitive,” states Professor Henning Vöpel, Director of the HWWI. “Germany in particular needs to update its hugely successful economic model to take account of digitisation and demographic change.”

    Read more here "The Digitaleconomy"

    PRESS RELEASE

    10/08/2015

    Berenberg appoints Dr Mickey Levy as Chief US and Asia Economist

    Berenberg is further expanding its activities with institutional investors in the US and recruits long-time chief economist of Bank of America Mickey Levy as chief economist for the US, Americas and Asia.

    Read more

    PRESS RELEASE

    14/07/2015

    Euromoney

    Euromoney: Berenberg is the “Best Equity House in Germany”

    Berenberg was named “Best Equity House in Germany” at the Euromoney Awards for Excellence in London. The award was presented by the well known finance magazine Euromoney.

    Read more about the “Best Equity House in Germany"

    Golf and charity

    07/05/2015

    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

    PRIVATE BANKING

    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...

    Culture

    25/02/2015

    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
    Fateyeva. 

    Read more

    GOLF

    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

    COOPERATION

    06/01/2015

    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

    Economics

    18/12/2014

    Cover of the 2014 Euro Plus Monitor

    EURO PLUS MONITOR 2014: LEADERS AND LAGGARDS

    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

    Conferences

    01/12/2014

    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 RESEARCH

    28/11/2014

    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
    • GAGFAH S.A.
    • Grand City Properties S.A.
    • LEG Immobilien AG
    • TAG Immobilien AG
    Read more here...

    SchmiedingBlog

    Picture of Dr. Holger Schmieding

    SchmiedingBlog

    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.

    News

    30/10/2014

    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.

    Read more

    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

    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