Commerzbank targets long end in return to AT1

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By David Freitas
08 Sep 2020

Commerzbank did not pay a premium to launch its new additional tier one (AT1) this week, as it found strong demand at the long end of the curve. The bank was returning to the market just three months after its last deal in the format.

Lead managers Barclays, Bank of America, BNP Paribas, Commerzbank and Crédit Agricole went out with price thoughts in the 7% area for the perpetual non-call April 2030 AT1.

The issuer had capped the size of the deal at €500m at the outset. It quickly ...

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