Commerzbank

The state owned Dexia Kommunalbank is expected to return to the covered bond market for the first time in three years. Being among the lowest rated bonds issued this year from Germany, the spread pick-up should prove attractive.

Commerzbank racked up pre-tax profits of €324m in the first quarter, up from a loss of €29m in the same quarter the year before. The bank made a profit despite dismal trading conditions for the fixed income and currencies business.

Dutch chemicals group Stahl has signed €295m of credit facilities to fund its push to become the market leader in speciality chemicals for leather products.

Investors scrambled for Dexia Crédit Local’s short dated floating rate notes this week amid a lack of bank supply. Several Nordic banks have yet to post levels after coming out of blackout over the past week, and those that have are posting too aggressively to find demand, said bankers.

Land Saxony-Anhalt could follow Land Nordrhein-Westfalen’s lead and print more private placements in niche currencies this year, according to MTN bankers. Land NRW sold the first Brazilian real deal from a German sub-sovereign this week.

Frankfurt struck a blow this week in its battle to become Europe’s primary hub for renminbi business when German state development bank KfW became the first issuer to list renminbi bonds on the city’s stock exchange. The city is likely to become a popular spot for European issuers — particularly German corporations — listing similar debt.

Private placement investors are scrambling for Dexia Crédit Local's short dated floating rate notes. It began posting levels on Tuesday and quickly printed two trades, according to medium term note dealers.

KfW has become the first issuer to sell Frankfurt-listed renminbi bonds, printing a two year deal on Tuesday in what was seen as the latest step in the city's bid to become Europe’s main centre for renminbi business, with bankers now expecting other issuers to follow KfW’s lead.

H&R, the German speciality chemicals company, has signed a €72.5m syndicated facility with its core relationship banks.

After mandating leads for a roadshow at the end of March, Berlin Hypothekenbank (BHH) opened books on Monday for a €500m seven year Pfandbrief. Though the deal had been widely anticipated, bankers said Ukrainian headline risk could have derailed its timing.

Indonesia Eximbank has pushed the go button on its $600m fundraising, launching it into syndication on Tuesday evening, with the leads splitting the loan into two tranches.

Indonesia Eximbank has pushed the go button on its $600m fundraising, launched into syndication on the evening of April 15, with the leads splitting the loan into two tranches.