Commerzbank

DBS Group Holdings and HSBC Holdings are wooing debt investors, with the former seeking a dollar senior deal, and the latter a Singapore dollar perpetual. The Export-Import Bank of China (Chexim) is also collecting bids for its fundraising.

Nederlandse Waterschapsbank’s first ever affordable housing bond raised €2bn across two tranches on Wednesday. One banker on the deal said he was “certain other borrowers will issue more like this”.

Sparebanken Sør Boligkreditt and Société Générale enjoyed solid receptions for their covered bonds this week, with the Norwegian issuer pricing flat to its curve.

Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.

The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.

Vakifbank has opened books on a drive-by five year senior trade as Turkish financial supply trickles into the primary market.

Sparebanken Sør Boligkreditt issued its second ever covered bond and, similar to deals issued last week, was able to price flat to its curve. But its bonds are not eligible for the ECB's purchase programme, unlike some of last week's tightest issues, which could limit performance potential.

Rating: Baa1/A-/BBB+

Rating: Ba1/—/BBB-

Commerzbank and KBC were looking to sell new senior unsecured bonds in a less enthusiastic primary market on Wednesday, after banks credit spreads started widening following the recent mass of supply.

Garanti Bank on Tuesday raised $750m with the tightest priced Turkish tier two on record which was testament to the level of comfort investors now have with the product, according to bankers leading the transaction who conceded that the global credit rally had also helped.

Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.