Commerzbank a lone venturer amid non-eurozone flurry
Commerzbank sold a €150m 18 month floater on Wednesday — a rare large European bank trade in a week dominated by deals from banks outside the eurozone. Bank MTN issuance could surge next week, however, following Europe’s latest agreement to deal with the sovereign debt crisis.
The Commerzbank note was sold at par and pays a coupon of three month Euribor plus 120bp.
Many investors proved risk averse, and several avoided banks in the European region. Deals from European banks were mainly self-led.
Shinhan Bank was among the non-eurozone issuers to print this week, selling a
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