Commerzbank
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Indonesia Eximbank has finalised allocations for its loan, increasing the size of the deal with the inclusion of a short-dated tranche that brought some rare lenders into the syndication. -
Sandvik and Sixt both launched sub-benchmark bonds today, after Sandvik had roadshowed on Monday and Tuesday and Sixt had held a conference call with investors on Tuesday morning.
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Sixt, the German car rental company, is set to return to the bond market tomorrow for a €200m to €250m issue, building on the success of its €250m deal in May 2012.
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Vakifbank has launched its €500m bond to yield 3.65% — the tight end of guidance and inside its own dollar curve.
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Indonesia Eximbank is looking to increase the size of its fundraising to close to $800m after receiving a positive response from the market in syndication, according to a banker working on the transaction.
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The widely anticipated public sector-backed Pfandbrief from Dexia Kommunalbank on Tuesday had been expected to go well, given the juicy spread that was expected. But the level of oversubscription proved a surprise and was the highest of any German deal this year — even putting competing issuance from Portugal into the shade.
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Danske Bank’s first covered bond of the year offered an attractive spread relative to its Nordic peers, making it a straightforward sell for its lead managers. But even so, the final pricing level was just one third of Danske’s differential against top tier Swedish covered bonds issued a year ago.
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The success of Russian ABH Financial’s bond, printed at the tight end of guidance and with a €350m size that exceeded expectations, is raising hopes that a rejuvenation of the Russian Eurobond market might be imminent, with even US accounts taking exposure to the deal via London branches.
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Kazakhstan Temir Zholy (KTZ), the Kazakh state owned rail company, and Panamanian lender Global Bank both made their Swiss franc debuts this week. While attractive yields have made emerging market credits popular with Swiss investors, both borrowers struggled to appeal to institutional accounts and were forced to print smaller than expected deals.
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A pair of European supranationals could be the first to tackle funding in the wake of the European Central Bank’s announcement this week that it had cut rates and unveiled a series of measures to improve liquidity in the eurozone.
