Commerzbank

Commerzbank issued the first euro covered bond since June 15 on Monday, and though it was a clear success, no other issuer ventured to follow.

The Asian debt market has had a slow but steady stream of deals since the Brexit vote on June 23, but Bank of China blasted the issuance window wide open on Tuesday with a $3bn five tranche, multi-currency transaction — the region’s largest international green bond. Max Bower reports.

Two South Korean banks, Woori and Busan, are preparing for investor meetings next week as they both line up bond issues.

Bank of China has printed Asia’s largest green bond in a $3bn deal split between dollar, euro and CNH tranches. The landmark trade attracted strong investor demand and gave a much needed fillip to the dim sum bond market.

South Korea’s Woori Bank is set to meet investors for its second dollar-denominated Basel III additional tier one bond.

Bank of China has hit the market for its multi-currency green bond, with an offshore renminbi portion in only the second time a green dim sum bond has been sold.

A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.

ASML Holding, the Dutch manufacturer of lithography machines for computer production, was alone in the European corporate bond market on Monday when it issued a €1.5bn dual tranche bond and attracted hefty demand from investors.

EMEA loans are down sharply this year and few are optimistic that the second half will provide a boost. However, the Schuldschein market has ploughed ahead with deals in another year of strong issuance volumes despite the UK’s Brexit vote last month.

Bankers expect supply to build in the euro FIG market after a steady start to the week, but analysts and economists urged caution on calling the bottom of the “post-Brexit” rally.

Refresco Gerber, the Dutch drinks bottling company, lost one bank and added two new ones to its syndicate in its €872m refinancing which saw strong demand, the firm said.

After a freeze brought about by the UK’s Brexit vote, the European capital markets are thawing. While only a tap, the German State of Hesse has reopened public sector bond markets. Perhaps it was no coincidence that Frankfurt, in Hesse, is eager to raise its profile as an alternative for financial firms wanting to leave London.