Commerzbank
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The Republic of Slovenia demonstrated the huge progress it has made since the start of the year, slicing into its euro curve with a dual tranche deal that pulled its spreads in euros and dollars 10bp-20bp tighter. -
Berlin Hypothekenbank mandated joint leads on Monday for a euro Pfandbrief and a roadshow to explain its new ownership structure. The mortgage bank will be directly owned by the savings banks and will become an affiliate of Landesbank Berlin, rather than its subsidiary.
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Germany’s Hypovereinsbank (HVB) and Bayerische Landesbank (BayernLB) launched Pfandbrief deals of the same size and tenor this week. But with a marginally lower rating, and hence a wider spread, HVB was able to attract a more granular book.
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Indonesia Eximbank and Pelabuhan Indonesia III have stormed into the loan market, with the former picking banks for its increased $600m fundraising, and the latter issuing two requests for proposals.
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Slovenia shaved another few basis points off its euro curve with a €2bn dual tranche bond issue this week. The sovereign’s well timed transactions in dollars and euros have helped some of its existing notes rally by almost 10 cash points in just two months, reflecting investors’ increasing confidence in Slovenia.
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Slovenia drew almost €10bn of orders for a long three year and seven year euro bond issue on Tuesday, which catered to investors comfortable with duration and those more concerned about rates.
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Amid pressure to revive Europe’s economy by supplying credit to small and medium-sized enterprises, covered bond issuers are coming up with innovative ways to pool SME assets. In the hunt for better ratings, they are looking to pass-through structures but as the definition of covered bonds broadens, Will Caiger-Smith examines what dangers lie in wait for investors.
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Indonesia Eximbank has picked a group of six banks to arrange a $600m fundraising, managing to increase it from the $400m it had asked for in its request for proposals.
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Volkswagen Financial Services jumped into the euro bond market on Tuesday for a big deal, raising €1.5bn in a sale that demonstrated its pragmatic approach to pricing and the stability of demand for Volkswagen’s paper.
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Commerzbank has decided not to pursue a second deal from its newly established SME covered bond programme. The issuer’s faster-than-expected pace of deleveraging has freed up more liquidity than it expected.
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