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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