Commerzbank
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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. -
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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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.
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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.
