Commerzbank

Rating: Aaa/AA+/AAA

Two corporate bonds were issued in Europe on Tuesday and, unusually, both were 12 year euro bonds from single-A issuers – French property company Unibail-Rodamco and Energie Baden-Württemberg, the German power generator. Both were also priced at 72bp over mid-swaps.

Austria took advantage of a clear week of issuance to bring an unusual dual tranche issue that included a six year floating rate note. Strong demand for the 10-year should encourage issuers looking at printing euro benchmarks in the coming weeks.

Air Liquide, the French industrial gases group, is about as unchallenging a credit as they come in the European market. On Wednesday it raised €500m with a very straightforward, 10 year no-grow bond.

Hochtief, the unrated German construction company that is 59% owned by Actividades de Construcción y Servicios of Spain, returned to the bond market on Thursday with a €500m deal that was boosted by heavy buying from private banks.

Commerzbank’s Andrew Nicola was exhausted on Thursday morning, but not because he was hungover from the GlobalCapital Awards — unlike several members of the MTN world. No, it was because he and his wife have an interesting way of preparing for a new child: home improvement.

Kutxabank opened books for a €1bn seven year Cédulas Hipotecarias on Monday, Spain’s fourth covered bond of this year. The issuer priced the deal through its curve even as Spanish government bonds underperformed.

Several companies delayed plans to issue corporate bonds in Europe today, as markets looked ugly at the open. There has been a flurry of MTN and niche currency issuance this week, but the only mainstream corporate bond issue today was from Prologis, the US warehouse Reit.

Agricultural products supplier Olam International has secured a 364 day bridge loan worth $2.22bn, managing to increase it from the $1.5bn target it had approached lenders with. Despite the low starting all-in pricing in the sub 100bp over dollar Libor area, bankers were not put off thanks to the company being the acquisition target of Temasek Holdings.

German information technology company QSC has placed a €150m debut promissory note through Commerzbank.

China Construction Bank (CCB) Frankfurt Branch’s landmark offshore renminbi bond on Monday was met with strong demand in a market that has been buzzing with activity. Bankers said the success of the deal, which is the first CNH bond from a subsidiary of a Chinese name to settle, clear and list in Frankfurt, sets the stage for the city to become a popular destination for offshore RMB issues.

China Construction Bank (CCB) Frankfurt branch launched the first Frankfurt-issued renminbi-denominated bond from a subsidiary of a Chinese name on Monday morning. The two year transaction, which will clear and be listed in Frankfurt, had attracted more than Rmb1bn ($162m) in orders less than half an hour after books were opened.