Commerzbank

The rare sight of a pulled German bond issue rocked the SSA market Wednesday afternoon. The issuer blamed market conditions but there were rumblings that this was a failure of process, not context.

Kommunalbanken (KBN) are set to price the first five year dollar bond for three weeks on Wednesday while Italy’s 30 year bond was the first SSA issuance in the tenor for 2016.

South Korea’s Kookmin Bank issued its second ever covered bond this week, raising $500m from a five year note that was more or less a replica of its debut transaction.

AIB Mortgage Bank attracted robust demand for its €1bn seven year covered bond issued on Thursday, and WL Bank also did well despite the difficult 10 year tenor and measly spread.

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

South Korea’s Kookmin Bank is looking to price its second covered bond on Thursday, while HNA Group is out to tap its existing dollar notes that were issued two months ago.

Public sector borrowers are hitting several parts of the euro curve, with dollar issuance all but dried up before the US Federal Reserve announces later on Wednesday the outcome of its Federal Open Markets Committee meeting.

The European Financial Stability Facility was the sole SSA out in euros on Tuesday, and won praise for a dual tranche tap that boosted each bond to the issuer’s normal benchmark size and completed its €6bn funding target for the first quarter.

The European Financial Stability Facility will hit the short and long end of the curve with its second benchmark of the year, a move that is being viewed as an effort to achieve size and duration.

LGC, the UK life sciences company being bought by KKR, has tightened price guidance on its €350m euro term loan ‘B’ and accelerated its deadline.

DekaBank made a rare appearance in the public bond market on Monday, but found itself the only FIG borrower active in euros as sentiment took a turn for the worse.