Commerzbank

Six European covered bond borrowers launched deals worth a total €5bn this week and, despite setting new spread records, all were easily digested and performed well.

Svenska Cellulosa Aktiebolaget, the Swedish paper, pulp and consumer goods manufacturer, issued €600m of five and 10 year bonds on Thursday.

CRH is holding a bank meeting on Thursday with its close relationship banks to syndicate a €2.9bn loan for its acquisition of assets from Holcim and Lafarge.

Nationwide and Pohjola Bank broke an almost three week long fast for the euro senior market on Tuesday, setting terms for 10 and seven year benchmarks respectively.

ThyssenKrupp, the German steel and engineering firm, raised €1.35bn on Wednesday with a dual tranche bond issue that tightened 20bp during the bookbuild.

Commerzbank’s fourth quarter profit in its Corporates and Markets division was hit by low client activity in rates but boosted by revenues in the FX business from market volatility and improved revenues in commodities.

Smurfit Kappa Group, the Irish packaging group, priced a €250m 10 year high yield bond on Wednesday evening that found solid demand, after announcing higher earnings and revenue for 2014.

UK oil company BP priced a €2.5bn bond on Wednesday, using a tried and tested eight and 12 year format, following the success of a €3.75bn deal by Norwegian rival Statoil on Tuesday. The deal was well received, getting €3bn of orders for each tranche.

Ford Credit Europe Bank, the US car maker’s European financing vehicle, found plenty of demand for a €650m three year floating rate note and a €650m seven year fixed rate bond on Tuesday.

Turkey's Halkbank priced its new $500m six year bond with a 2bp-3pb new issue premium on Wednesday but the underlying swap rate had rallied 10bp throughout the day meaning that the nominal premium was perhaps more attractive than it otherwise would have been.

Halkbank is on track to price the third financial bond from Turkey this year and is out in the market with a new $500m six year bond.

Commerzbank is opening a representative office in Abidjan, the economic hub of Ivory Coast, and has appointed Konrad Engber as head of the five person team. He had previously been Commerzbank’s representative in Addis Ababa, Ethiopia, and Tripoli, Libya.