Commerzbank
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While the focus in euros this week may have been on Greece’s blowout return to the capital markets, two other issuers were able to sell successful trades of their own. The European Financial Stability Facility and Unédic breezed through seven year trades, though syndicate bankers worry that a quiet patch lies ahead with few agencies keen to issue.
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Aktia Bank launched and priced its second euro covered bond benchmark on Monday, in a deal that exceeded the issuer's pricing and distribution expectations despite investor concerns over Finland’s relationship with Russia.
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Caisse Centrale du Crédit Immobilier de France (3CIF) sold its first government guaranteed benchmark bond this week. Good investor interest allowed the issuer to complete about a quarter of its funding target for 2014, despite what some bankers felt was an aggressive level over government bonds.
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The opportunity to invest in covered bonds that offer a triple digit spread over mid-swaps are few and fast disappearing. It was therefore likely that Banca Monte dei Paschi di Siena, which sold a €1bn seven year bond this week, would attract one of the highest oversubscriptions of any covered bond for a deal of its size.
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ProSiebenSat.1 Media, the German television company previously owned by KKR and Permira, issued on Thursday its first bond in its new guise of an investment grade-style company. -
French mortgage lender Caisse Centrale du Crédit Immobilier de France is set to sell its first government guaranteed benchmark on Tuesday afternoon, a five year bond.
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Two airport companies and one broadcaster are seeking to issue euro bonds, as new issuance has slowed after an exceptionally busy period.
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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.
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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.
