Commerzbank

Commerzbank and Banco Popolare both found it difficult to drum up large order books on Monday.

A flood of banks in the Middle East are set to follow the two Abu Dhabi names which are making a dash for cash in the loans market to meet new regulations as they grapple with low oil prices, writes Elly Whittaker.

SGL Carbon, the German manufacturer of products from carbon, issued a successful €167m convertible bond on Wednesday morning, and launched the repurchase of an existing CB.

Abu Dhabi's Union National Bank has closed books for its three year loan and will increase it from the launch size of $500m, according to a banker on the deal.

Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.

Commerzbank, Caisse Francaise de Financement Local (Caffil) and Bayerische Landesbank (BayernLB) invigorated the long end of the covered bond market this week with 10 year deals, a duration which had not been seen for over four months.

UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

French hotel group Accor showed that demand is strong for even weaker investment grade credits on Thursday, drawing a rush of orders for a new eight year benchmark.

Merck broke a three week hiatus in euro corporate issuance on Thursday, drawing together a hefty order book for a triple tranche M&A driven deal despite shaky markets earlier in the week.

Several former bankers from Royal Bank of Scotland have joined new institutions recently, as the UK firm continues to dismantle a large part of its Asia business.

Commerzbank has appointed former Royal Bank of Scotland banker David So to its Singapore-based debt origination team.