Commerzbank
-
Dance between secured and unsecured FIG bonds puzzles bankers -
◆ One tranche experiences more attrition ◆ New issue concession varies on legs ◆ Fast money investors exhibit sensitivity
-
◆ Tier one capital flies in rallying market ◆ High initial new issue premiums draw big orders ◆ Axa adds new tier two, Commerz buys back old AT1
-
◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
-
◆ Länder's 10 year 10bp back from KfW ◆ Deal over three times covered ◆ Trade 'could encourage' further German state issuance
-
◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
-
◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
-
◆ Muted reaction in Bund spreads opens door for German issuer ◆ Issuer opts for low beta, short-dated offering ◆ Investors 'cannot be too picky' warns banker
-
◆ Issuer prints €2.25bn across two tranches ◆ 10 year tranche solidifies returning long end demand ◆ Slim premium needed on both tranches
-
◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too
-
◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens
-
◆ Book halves after tightening ◆ Bond prices at fair value ◆ Tightening by 1bp could 'kill a trade for the German states right now'
