Commerzbank thinly subscribed on return to non-pref market

By David Freitas
09 Sep 2019

Commerzbank attracted only €700m of demand for a €500m non-preferred senior bond this week, with a lead manager suggesting the deal showed the ‘state of the market’ as it welcomes an influx of tightly priced supply.

Bookrunners BBVACommerzbankDeutsche BankDZ Bankand Natixisinitiated the trade on Monday morning with price thoughts of 90bp area over mid-swaps and a no-grow size of €500m.

The five year non-preferred senior bonds are expected to have a rating of Baa2/BBB/BBB+.

Guidance was set at 80bp-85bp area over, with demand ...

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