Commerzbank

Germany’s family-owned businesses have become a battleground in UniCredit’s bid for Commerzbank. But every bank is scrapping for the same pool of fees

◆ German bank's covered tightened 6bp ◆ Order book peaked at €2.5bn ◆ Banker said the issuer could have gone larger than €1bn

◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said

◆ OCBC's prices first covered bond since April 2025 ◆ 10th Asian covered issued in 2026 ◆ Order book peaks at over €2bn but lost €400m

◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March

◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker

◆ French lender has placed €3bn of covereds already this year ◆ Order book peaked at just below €2bn ◆ The bond was 1bp outside French government debt, a banker said

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said

◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish

◆ Shorter tranche tightens by 3bp ◆ Order book was skewed towards 7 year leg ◆ Issuer placed similar dual trancher in January

◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe

Swiss franc covered bond from Kiwibank the only deal on Thursday after a patchy week