Commerzbank

Turkiye Sinai Kalkinma Bankasi has tightened price guidance for its $350m five year bond to at 375bp-387.5bp over mid-swaps.

Industrial Bank of Korea (IBK) mandated six banks on Wednesday, April 15 to run its first outing to the dollar bond market in almost three years.

Dutch postal company PostNL has refinanced a €400m revolving credit facility after agreeing to sell its 14.7% stake in TNT Express, worth €642m, to Federal Express.

Dutch postal operator PostNL has closed a €400m five year multicurrency revolving credit facility that will replace a €570m revolver due in 2016 newat lower cost.

Commerzbank’s tight tap of its recently priced €750m three year bond on Monday was based on feedback the original issue was illiquid because of its small size.

German printing equipment maker Heidelberger Druckmaschinen announced a €200m bond issue on Monday that is rated Caa1/CCC+.

Commerzbank has tapped a three year senior bond priced last month some 10bp inside the original deal, showing a divergence in investor appetite for German financials exposure.

ZF Friedrichshafen is preparing to launch its long-awaited first public bond, to refinance its acquisition of TRW Holding of the US last year.

British aerospace and defence firm Cobham is looking for a €100m Schuldschein, a rare UK deal for the German promissory note market.

Turkiye Sinai Kalkinma Bankasi (TSKB) has mandated five banks to arrange a dollar Reg S bond — BNP Paribas, Citi, Commerzbank, ING, and Standard Chartered Bank.

ING is set to leap into the post-Easter market for its first additional tier one deal, looking to add to a recent hot streak for subordinated paper.

Sentiment improved in covered bonds this week, mirroring the better backdrop in credit markets. Two German issuers found solid demand for their deals, in contrast to the previous week when issuers had struggled to sell bonds. Both this week’s trades were in the intermediate sector, in contrast previous deals which had been in the oversupplied long end of the curve.