Berenberg research notes

ECONOMICS

18/04/2017

Economic Calendar

Economic Calendar

  • Turkish constitutional referendum (16 April)
  • Chinese GDP Q1 (17 April)
  • Eurozone inflation (19 April)
  • Eurozone PMIs (21 April)
  • French presidential elections (1st round) (23 April)
          View the Economic Calendar the week starting on 18th april 2017

          Equity Capital Markets

          29/03/2017

          Berenberg executes a multitude of transactions on the capital market

          Having already successfully completed 121 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 90 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:

          • Griffin Premium RE.. B.V. (IPO, Joint Global Coordinator/ Joint Bookrunner)
          Overview of ECM transactions

          Debt Capital Markets

          22/02/2017

          Debt Capital Markets Team with a successful start in 2017

          After a very strong track record last year, Berenberg’s Debt Capital Market Team underpinned its strong markets presence by acting as joint bookrunner for Vonovia’s EUR 1bn BBB+ rated dual tranche 5-year and 10-year bond placement. On the same day, Berenberg priced as joint global coordinator Hapag-Lloyd’s EUR 250m High-Yield Bond placement at a coupon of 6.75%. Hapag-Lloyd’s new issue also saw strong investor demand and was therefore upsized by EUR 100m and priced below the initial price guidance of 7% area.

          Also in January, Berenberg successfully placed the debut bond of Sixt Leasing SE in its role as joint bookrunner. The non-rated bond issue with a maturity of 4 years was oversubscribed multiple times and was successfully priced below the initial price guidance. The annual coupon was set at 1.125%.  Furthermore, our team is currently working on several non-public debt and equity-linked transactions which are expected to be closed in due course.

          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).

          Selected DCM transactions

          Economic Forecasts

          22/12/2016

          Berenberg's Chief Economist Schmieding "Forecaster of the Year"

          Predicting economic development in a turbulent year like 2016 was no easy task. No German economist solved this problem better than Dr Holger Schmieding, chief economist at Berenberg.

          Read more here

          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

          Read the latest issue of Equities Highlights

          ALPHA:
          M&A - Luxury Goods - Fitness

          THOUGHT LEADERSHIP:
          Artificial Intelligence - UK Mid-Caps

          ACCESS:
          German Corporate Conference

          View Equities Highlights - Issue 15

          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

          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

            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