Commerzbank
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BMW reopened the European benchmark investment grade corporate bond new issue market today with a punchy €1.75bn deal that proved one thing and suggested another. The market is fully open for business after the summer – that is certain. And the signs are that spreads – and especially yields – for corporate issuers are set for a very tight autumn.
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Commerzbank Group on Thursday posted a pre-tax profit of €257m in the second quarter, up from €74m in the second quarter last year, and has exceeded its 2016 target for reducing the exposure at default in its non-core asset portfolio — helping to boost its share price by over 2.3% on the day. -
The establishment of Frankfurt as the Eurozone’s first offshore clearing hub for renminbi trade settlement will be of huge benefit to European corporates trading with China, especially those in the small and medium sized enterprise (SME) sector, according to Frank-Oliver Wolf, global head of cash management and international business at Commerzbank.
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The European Financial Stability Facility, fresh from hitting the bid for short-dated bonds with a one year early this month, went to the other extreme and set out with a debut 30 year on Tuesday. With blow-out deals at the extreme ends of the curve it is proving itself to be a savvy issuer.
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The European Financial Stability Facility this week sold its first 30 year syndication — becoming the first supranational this year to go so far out the curve with a benchmark. Despite the deal not hitting the 2.5% yield target for real money investors there was an optically large concession to the curve and demand topped €6bn.
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Ink firm Hubergroup has signed a €250m three year refinancing facility split between a term loan and revolving credit facility.
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Bank Rakyat Indonesia, which started sounding out lenders for a fresh fundraising in early May, has picked seven banks for a $370m loan, managing to increase it from the $300m it was originally targeting.
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Finnish manufacturer Konecranes has signed a €50m seven year bilateral loan with the Nordic Investment Bank.
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Deutsche Bahn, the German state-owned railway company, launched an innovative bond today: the first floating rate note it had ever issued in a public, syndicated form.
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Ghana's national cocoa board Cocobod is garnering interest from banks new to its lending group as the Friday response deadline approaches for its $1.6bn annual pre-export finance facility.
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Paper and packaging company Mondi has signed a deal to extend the maturity of a €750m revolving credit facility from 2016 to 2019.
