Commerzbank

Bank Negara Indonesia has hit the market for a $750m borrowing via nine mandated lead arrangers and bookrunners, launching its biggest international syndicated loan.

HeidelbergCement hit the Eurobond market on Monday with a benchmark four year transaction, winning large demand and a negative concession as it tapped investors’ sweet spot on tenor.

Commerzbank walked away with €500m of tier two capital on Monday, though the German lender was unable to build a large book amid a bout of deal fatigue in the euro market.

Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.

Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK Brexit referendum. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.

Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.

Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK referendum to leave the European Union. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.

Syndication of the acquisition financing loans for Lonza and Sibanye Gold is expected to begin soon, as loans bankers begin 2017 in an optimistic mood.

ABN Amro issued its third 15 year covered bond in three years on Wednesday and, in a surprise late addition, tacked on a sub-benchmark 20 year.

DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.

In the looking-glass world of Swiss franc bonds, unrated companies and Austrian banks have issued at negative yields, writes Silas Brown. Starved of return, Swiss investors will look at a broader range of foreign and even high yield paper than ever before.

The Swiss market shed roughly Sfr3bn ($2.93bn) of foreign issuance this year from last year. Expensive basis swaps and cheap funding for investment grade borrowers in euros and dollars drew foreign issuers away. But, if global rates rise next year, the foreign borrowers will return, Swiss bankers say.