Commerzbank

Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.

Roland Boehm, one of the European syndicated loan market's best known and most influential senior figures, is leaving the market, for a new and more senior role at Commerzbank, where he has been global head of DCM loans.

FIG issuance ground to a halt on Thursday as borrowers paused to reflect on weak secondary trading and a global sell-off in equities, leaving Dexia Crédit Local alone in the market.

LGC, the UK life sciences company, has set price talk on its £500m debt package backing its acquisition by KKR from Bridgepoint after holding bank meetings January 13.

Swedish telecommunications company Tele2 has retained all of the original lenders as it refinances a €800m revolving credit facility.

South Korea’s Woori Bank sealed a 144A return to the international bond market on January 12. The issuer’s aggressive pricing strategy kept US investors at bay, but it was unavoidable as the borrower wanted cheap funding, said bankers on the deal.

Commerzbank Corporates & Markets examines the benefits of leasing in corporate finance

Ping An Life Insurance Company of China started building books for its inaugural dollar bond on Tuesday, while South Korea’s Woori Bank and China Energy Reserve and Chemicals Group are also wooing investors for their respective dollar deals.

BBVA, BFCM and BPCE met with strong investor demand for euro senior unsecured deals on Monday, as peripheral and longer dated debt proved no deterrent to buyers.

Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.

Eleven covered bonds were priced in the first week of 2016 despite the onset of European holidays and US non-farm payroll data.

Investment grade loan pricing has stopped falling — meaning the flow of refinancing deals is ebbing. Mergers and acquisitions, as ever, are what banks want, and they are confident of getting more in 2016. But will banks finally get round to weeding out unprofitable relationships? Rob Cooke reports.