Preferred senior market bursts back into life in Germany

By Tyler Davies
20 Aug 2018

German issuers have wasted little time in selling preferred senior debt, after regaining access to the funding product through a legislative change last month. Berlin Hyp reopened the market with a tightly priced but thinly subscribed deal on Monday, and Commerzbank is looking to follow close behind with a debut offering of its own.

Commerzbank has mandated Barclays, BNP Paribas, Commerzbank, Deutsche Bank and UBS to arrange the sale of a five and 10 year tranches of preferred senior debt.

The lead managers held a global investor call on Monday morning, with the new deal set ...

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