Commerzbank puts SME covered bonds on ice

By Bill Thornhill
27 Mar 2014

Commerzbank has decided not to pursue a second deal from its newly established SME covered bond programme. The issuer’s faster-than-expected pace of deleveraging has freed up more liquidity than it expected.

Though it’s likely that another SME deal would have received a strong reception, Commerzbank does not need the funding. The issuer undertook a roadshow in January to update investors on its programme and this had led to speculation that a deal would follow sometime during the first quarter.

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