Commerzbank
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CDC seizes French agency momentum while IADB takes £500m from new nine year line
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French agency capitalises on rare capital market visit
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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Bpifrance and CEB both take €1.25bn while Kommunekredit returns to sterling
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◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios
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German sub-sovereign again proves that it 'owns the long end' in euros
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New sale landed with a limited new issue concession, bankers said
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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French bank aims for size over price, but lands in line with euro funding sources
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Sub-sovereign continues to chip away at its €9.6bn annual programme
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◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility
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German sub-sovereign brings new deal as investors distracted by busy FIG market
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Borrowers benefit from scarcity value and lack of competing supply
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Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week
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WIBank set to add to issuance with 10 year print
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The sector’s tight valuation versus the likes of KfW is capping demand
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Finanzagentur offers 2bp premium for investors with a 5bp concession for Greece
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Real estate giant draws “unexpected” investor diversity to unloved sector
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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Car finance bank issues largest Swissie bond by a foreign corporate since 2021
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Chilean bank targets gap in the market with three year deal
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Investors are keen to invest cash at the right spread
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements