Commerzbank
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With one quarter left of 2016 to go and global issuance 22% down, the equity capital markets bookrunner race is going into its final straight. Familiar faces are leading the pack, but incumbents in general are having a tough year. -
On Monday Spain's Ibercaja returned to the covered bond market for the first time since 2010 to issue the tightest Spanish deal this year. Although the book contained fewer orders than many Spanish covered bonds, the scale of excess demand was above average.
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The Dutch lender has mandated leads for an ultra-long soft bullet covered bond which will follow a roadshow due to begin next week.
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The return of vanilla senior issuance may be just around the corner, after FIG borrowers let the dust settle on last week’s Deutsche Bank-driven volatility.
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The covered bond pipeline grew this week as Ibercaja and BNP Paribas Fortis mandated leads for roadshows and Nordea signalled it could be ready to return soon.
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After a day of caution on Wednesday, when some issuers held back from the primary market after spates of volatility last week, unrated Air France-KLM timed its €400m deal right, showing that investors will still play for yield in higher risk names.
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The Spanish bank has mandated leads for a roadshow to market what will be its first covered bond in six years.
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After completing its first international bond issue earlier this year, Qatar’s Ahli Bank has also signed a $195m club loan — its second ever loan from international banks.
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In a first for the Russian loan market since EU and US sanctions were imposed on the country, a borrower has agreed an unsecured dollar loan. Norilsk Nickel has signed a $500m deal from five lenders.
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Commerzbank has offered further details on how it plans to scale back its trading operations, and on the future path of the bank and its focus on digital. On Thursday, it announced around 9,600 job cuts, and the combination of the Corporates and Markets division with the Mittelstandbank.
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Deutsche Bank isn’t even close to being the most-litigated-against bank in the post-crisis era — that honour goes to Bank of America, which has paid more than $150bn in fines, settlements and lawsuits since the crisis. But any potential settlement it strikes with Department of Justice over RMBS mis-selling will keep on hurting the bank's peers, for years afterwards.
