Commerzbank
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The end of the year could take on a supranational flavour in euros as a pair of issuers mull deals. The European Financial Stability Facility is expected to bring a deal in its next window — next week — while the European Union told GlobalCapital this week it could return to the capital markets to pick up funding for Ukraine.
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Siemens Audiology Solutions - Famar - Christ -
The senior market awoke this week following a brief hiatus in the aftermath of the European Central Bank and European Banking Authority’s comprehensive assessment of Europe’s banks. While covered supply has been robust during the intervening period, a lack of recent senior issuance helped Abbey, Citi, DVB Bank and Nomura back into the market.
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German internet services provider United Internet is marketing a €300m Schuldschein, which is understood to be already oversubscribed.
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Commerzbank’s corporates and markets division posted third quarter pretax profits almost double those of the same period in 2013, after increased volatility in interest rates and currency markets pushed up revenues in the bank's fixed income and currency businesses.
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Ontex, the Belgian nappy maker, priced on Wednesday its €250m high yield bond at par with a 4.75% coupon, as part of a debt restructuring that made Moody’s upgrade its rating one notch to Ba3.
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The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.
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A €220m loan backing the buyout of German jewellery chain Christ by 3i, the UK private equity and investment firm, will be marketed to lenders at a meeting in Frankfurt today.
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Council of Europe Development Bank (CEB) has hired lead managers to run the first five year dollar syndication since a pair of deals failed to cross the line three weeks ago amid strong volatility in US Treasuries. Sweden and Caisse des Dépôts et Consignations brought deals with more conservative maturities.
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The European Union will this week sell its longest-dated deal in two years, after mandating banks for a €660m October 2029 on Tuesday afternoon.
