Commerzbank

After a slow start to the week, a torrent of covered bonds was priced on Wednesday and Thursday, as issuers sought to move quickly in case the market succumbs to one of many potential political risks it faces this month.

KfW became the first supranational or agency to sell a euro-denominated five year benchmark with a negative yield on Tuesday.

A $725m loan for Indonesia Eximbank has hit general syndication, two months after the borrower picked the mandated lead arrangers and bookrunners.

DBS Bank in Singapore this week issued its first deal in Australian dollars, the first covered bond from an Asian lender and the first benchmark sized Kangaroo covered bond of the year.

Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.

French cable manufacturer Nexans on Thursday returned to the high yield market with a €250m unsecured note that was withdrawn in May 2015.

Mitra Pinasthika Mustika Finance is poised to launch a $100m borrowing into syndication next week, with the Indonesian firm having mandated a trio of banks to arrange the deal.

Airbus has released price talk on a €425m term loan, while First Data, the US payments technology firm, priced its euro term loan at an unusually tight margin on Monday.

Turkiye IS Bankasi is offering investors in its disqualified tier two bond 50bp to agree to add Basel III compliant features to the documentation.

DG Hyp and Deutsche Hypo launched the only two benchmark covered bonds of the week, and though both deals were priced tightly, they attracted a lot of demand.

Water management provider Suez Environnement on Thursday launched the only deal of the day, a €500m note that printed with a small new issue premium.

Turkiye Sinai Kalkinma Bankasi (TSKB) has tightened price guidance for the first ever green bond from CEEMEA and demand seems strong enough that it could even be printed inside the development bank’s senior conventional curve.