Commerzbank

German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.

German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.

Turkish Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.

German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.

Turkish Yapi ve Kredi Bankasi has released initial price guidance of 375bp over mid-swaps for a dollar five year benchmark bond, offering around a 20bp-30bp premium over its own interpolated curve, according to a banker away from the deal.

Gazprom agreed a €500m two year loan with a consortium of banks in September, according to details the Russian gas company published in its half year financial report.

Finansbank sold its fourth dollar denominated MTN on Monday, as Turkish banks’ high yields are attracting short term investors away from emerging market stalwarts including India and China.

General Motors' finance arm made a triumphant return to the euro market for the first time since the financial crisis on Wednesday, attracting more than six times oversubscription for a €500m five year deal.

Although this week’s primary covered bond supply was limited to three deals and the near term outlook is limited by AQR results and Q3 reporting blackouts, demand reached a substantial €5.4bn of orders. Notable activity included the first public sector issue under Belgium’s covered bond law and the tightest ever Canadian euro print.

Strong domestic support allowed unrated Austrian metals group Voestalpine to increase its seven year euro market return to €400m on Wednesday, despite substantial price tightening.

United Internet — Vitol — Mol

Canadian Imperial Bank of Commerce has funded itself at the cheapest ever level for any Canadian bank in the euro market. The issuer, which this week priced a five year €1bn covered bond, dispensed with setting guidance and went straight from initial price thoughts to the final spread.