Plain sailing for Commerz, Nordea, while BNPP tightens too far for some

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By David Freitas
21 May 2019

Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.

The German lender chose ABN Amro, BayernLB, Commerzbank, Deutsche Bank and Natixis to run the transaction and started with initial price thoughts of 85bp area over mid swaps.

Guidance was revised to 70bp over, plus or minus 2bp. Final terms for the 5.25 year preferred ...

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