Commerzbank
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Issuance from German states has increased 70% year-on-year -
◆ Oversubscription did not materialise ◆ Rivals see pricing as too tight ◆ Helaba takes extremely rare Swiss route instead
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◆ Arb on offer for Canadian funder ◆ Swiss rates curve inverted, but five year demand still strong
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French corporate ends 11 year absence to land 5bp-10bp inside of euros
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ThyssenKrupp and De Nora to float on-trend green hydrogen JV in all-primary deal
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Supra to tap benchmark pairing for second time as KfW goes shorter
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◆ Demand for Commerzbank deal less than expected ◆ 6bp-7bp of premium needed ◆ Senior unsecured supply glut eats up covered demand
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Swiss francs offer attractive alternative to shrinking private placement market
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Car manufacturer prices 20bp through euro levels
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Pricing arbitrage for the issuer strengthens case for more foreign corporate issuance
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German issuer raises euros in an otherwise silent market ahead of central bank meetings
