Commerzbank
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mBank, Commerzbank's Polish unit, issued a €500m five year bond this week, in a deal that successfully struck a balance between emerging market and investment grade specialists. The issuer trades too tight for some emerging market accounts and is not a natural choice for investment grade buyers but drew enough demand from both groups to price an oversubscribed bond with only a minimal new issue premium.
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Sberbank Europe has signed a €350m debut one year syndicated term loan. -
Noble Group, a supplier of agricultural and energy products, metals and minerals, hit the market on March 24 with a $1.35bn 364-day revolving loan facility, led by an 18-member arranging group.
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Credit Bank of Moscow has succeeded in signing an international loan of up to $500m in the last few days, despite tensions over Russia's annexation of Crimea. But although 17 banks joined the deal, it was not an easy ride.
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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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mBank closed a successful €500m five year bond this week. The issuer trades too tight for some emerging market accounts and is not a natural choice for investment grade buyers. But it drew enough demand from both groups to price an oversubscribed bond with only a minimal new issue premium.
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Noble Group, a supplier of agricultural and energy products, metals and minerals, hit the market on March 24 with a $1.35bn 364-day revolving loan facility, led by an 18-member arranging group.
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Polish financial mBank started execution on a senior unsecured bond on Monday morning. The Commerzbank subsidiary is aiming to attract investment grade and EM investors into the deal, it's first since a rebranding late last year. But the outlook for more traditional CEEMEA supply was uncertain, said debt bankers.
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National Bank of Canada extended its euro curve by two years and priced its second euro covered bond, a €1bn seven year benchmark, on Tuesday. It looked cheap versus its previous deal, but fair value to where other Canadian transactions were trading on Tuesday.
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AIB Mortgage Bank enjoyed a stellar response to its first covered bond of the year. The deal attracted the highest level of oversubscription for any Irish covered bond since the Irish government’s bail-out of its banks, pricing with a double-digit spread over mid-swaps, and with no new issue premium.
