Commerzbank

Commerzbank returned to the covered bond market on Wednesday to issue its fourth deal of the year. Although order book granularity was less than usual, the €500m long six year was priced tightly and the quality of interest was high.

South Korea’s Shinhan Bank is gauging investor interest for a dollar tier two subordinated bond, its second since it debuted in the bank capital market in March.

The German Pfandbrief issuer ING-DiBa quickly executed a €500m 10 year mortgage backed deal on Tuesday, hours before US election headlines hit the screens, even though it had not been in the market since 2012.

Two corporates hit the new issue market on Thursday, one clinching a 0% yield and the other paying only a single digit new issue premium, despite volatility in rates markets.

Shares in Phoenix Group Holdings, the UK buyer of closed life insurance books, have gained 1.9% since the company announced on Wednesday the successful completion of its £735m rights offer to finance its takeover of Abbey Life.

The German Pfandbrief issuer quickly executed a €500m 10 year mortgage backed deal on Tuesday hours before US election headlines hit the screens, even though it had not been in the market since 2012.

Bank Muscat is preparing to refinance a $600m loan maturing in April next year and will likely aim to raise the same amount with its new facility, said one banker.

Banks may lose out to other market players in competition to buy Commerzbank’s structured investment and ETF businesses, which will be on the market from next year, once they have been carved into a new entity. But investment banks are likely to be in pole position for the German bank’s exotic FICC derivatives book, also up for sale.

The German Pfandbrief issuing subsidiary of the Dutch bank, ING Diba, is expected to open books for a 10 year mortgage backed deal, its first in three years.

Private equity firm Ardian has turned to the leveraged loan market to fund its acquisition of German lighting provider SLV Holding from Cinven.

Acciona, the Spanish infrastructure and renewable energy firm, has allocated its first Schuldschein, growing the deal by €50m and securing about the same pricing as (if not lower than) its latest syndicated loan.

The African Export-Import Bank has launched its new money loan into general syndication with 12 lead banks for three tranches of two and three years.