The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Christian Brand, Vice-chairman, L-Bank

"The emergence of the German public-sector borrowers has probably been the most important single feature of the international primary debt capital markets during the 1990s," says the head of syndication at one of the bulge-bracket US investment banks. Few people would argue with that.

Last year, the special institutions and the Landesbanken in German raised more than Dm50 billion ($29 billion) outside their traditional domestic markets. Given their excellent credit ratings, the frequency of their borrowings and their receptiveness to new financing ideas, it is no wonder the investment banking path to Germany is increasingly well trodden.

At L-Bank's airy, glass-panelled offices in picturesque Karlsruhe, visitors arrive thick and fast. More than 50 banks cover the AAA rated German borrower and vie for the attention of vice-chairman Christian Brand, head of funding Stephan Tribull, and his deputy, Helmut Stermann.

The rocket scientist members of the party might then match their skills against Thomas Keller, the derivatives and options wizard who is head of asset and liability management. L-Bank's first external financing (in Swiss francs) was completed in 1989. Since then the bank has raised more than Dm100 billion in the international debt markets.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree