Commerzbank
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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.
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Russia has taken its first step toward regaining access to international capital markets with a successful new issue for Alfa Bank’s holding company this week, writes Francesca Young.
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BBVA returned to the covered bond market for the first time in more than a year on Wednesday with a 10 year Cédulas that attracted 115 investors into the book. The coupon paid was the lowest ever for a 10 year in the history of the Spanish market.
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Panamanian lender Global Bank is set to become the second financial from the country to tap the Swiss franc market on Tuesday, looking to appeal to Swiss retail investors with a juicy coupon for a modestly sized deal.
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ABH Financial Limited has mandated Alfa Bank, Commerzbank and UBS to arrange a euro denominated Reg S senior unsecured bond, but bankers away from the note disagreed on whether the deal, which will be sub-benchmark size, will serve as a market reopener for Russian issuers.
