Commerzbank

An impressive order book allowed Allianz to ratchet in pricing on a new dated subordinated deal on Monday by as much as 15bp on initial price thoughts.

German automotive supplier Schaeffler AG on Thursday announced a €1.5bn-equivalent dual currency three tranche bond issue, designed to opportunistically refinance high coupon debt.

Commerzbank suffered from soft market conditions when selling a new three year trade on Tuesday, drawing only a small oversubscription despite offering what was judged to be an attractive premium.

Axis Bank, India’s third largest private lender, has signed a $300m loan with a club of six lenders.

Deutsche Annington (DAIG), the German housing company, has issued a €500m five year and a €500m 10 year bond.

Equity accelerated bookbuild activity was lively this week, reflecting generally buoyant stock markets and investors eager for paper as quantitative easing begins to bite.

Nationwide and Caixabank launched the only two covered bonds this week. Despite both issuers getting the funding they wanted, the final outcome was poor in comparison to past standards.

Swiss toilet maker Geberit issued a €500m six year bond on Thursday, as part of the long term funding of its Skr1.29bn (Sfr1.21bn) acquisition of Finland’s Sanitec.

Cairo headquartered African Export-Import Bank (Afreximbank) has requested proposals for an international loan of around $500m, said bankers.

Volkswagen launched an unexpected hybrid bond on Tuesday, into a corporate bond market weakened by falling rates and heavy supply, and failed to tighten the pricing from initial guidance.

Eran Klein has departed Commerzbank, where he had been head of emerging market sales for three years.

Faurecia, the French car parts supplier, sold its €500m unsecured bond on Tuesday to yield 3.125%, joining a parade of high yield cost-saving refinancing issues in March.