Commerzbank
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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.
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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.
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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.
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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.
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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.
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Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.
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Royal Bank of Scotland this week gave capital markets the clearest view yet of how banks are set to re-engage with the covered bond market as a staple source of financing, as the sector comes under pressure to wean itself off the special fundings schemes set up by the Bank of England and the European Central Bank.
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The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.
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Commerzbank has beaten profit expectations in the first quarter, thanks to strong results in its capital markets and securities, but it remains dogged by its poor quality shipping portfolio, and restructuring efforts.
