Commerzbank

Turk Ekonomi Bankasi (TEB) has signed a $567m loan, led by seven bookrunners, which includes the same margin ratchet as other Turkish banks Akbank and Vakifbank.

General Motors Financial, the financing subsidiary of the US automotive giant, hit the European corporate bond market with speed on Wednesday as it issued a benchmark transaction.

A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.

The gap to repay a €2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close once the former cashes in the sale of its West Virginia factory.

Deutsche Bank is set to issue the third German Pfandbrief of the week after mandating leads for an ultra-long benchmark. Meanwhile, Deutsche Pfandbriefbank (PBB) has priced the fifth dollar Pfandbrief of the year.

Sparebank 1 Boligkreditt on Tuesday followed Commerzbank into the covered bond market. By coming 20bp back of Commerz, the Norwegian sale was much smoother.

China Orient Asset Management Corp is set for a new five year dollar bond, opening books for the deal on Tuesday morning.

Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.

The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.

2016 is expected to be another record year for green bond issuance. Here Mirko Gerhold, Head of DCM Bonds Solutions at Commerzbank, explains the evolution and benefits of the green bond sector. He also looks ahead to the trends expected in the next two to three years and how issuers and investors can benefit in this growing market.

The Eastern and Southern African Trade and Development Bank (PTA) is preparing to refinance a $320m credit line and is in the process of choosing banks to lead the deal.

With an unreconciled order book of almost €800m, Commerzbank’s €250m negative yielding eight year Pfandbrief tap issued on Friday neatly illustrated the desperation of investors.