Commerzbank
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Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue. -
Traton, the commercial vehicle making subsidiary of Volkswagen, had a storming debut in the bond markets on Wednesday, despite increasing choosiness among investors.
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Vonovia, the German housing company, launched its first green bond on Wednesday, and investors were happy to buy it through the company’s conventional bond curve, even though its paper already trades more tightly than peers.
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Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions on Tuesday, though German real estate company Vonovia’s planned debut green deal will test whether ESG demand is still rampant enough that the borrower won't have to offer extra.
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Europe’s high grade corporate bond issuance pipeline is starting to swell for the week, with syndicate bankers confident that there is plenty of demand despite order books shrinking in the last week.
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Former Commerzbank CEO Martin Blessing has unveiled plans for a new special purpose acquisition company focused on financial technology in Europe, becoming the latest European banking executive to launch a Spac.
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A flurry of Swiss franc issuance dusted the market this week, as domestic and foreign borrowers entered a more settled market.
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Commerzbank is looking to turn the page on a tumultuous period to create an investment bank that is “profitable, future-proof and independent.” This could be its last chance, writes David Rothnie
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The financial primary market paused on Wednesday. Despite euro borrowers enjoying oversubscribed order books this week, demand in the secondary market is lagging behind, as investors await further rises in yields.
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Daimler, the German car maker, sold green debt on Thursday. Though the company printed inside its conventional curve, it did not match the sort of negative concessions it achieved in its debut green outing.
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Hamburg Commercial Bank is aiming to establish a regular market presence as part of its post-privatisation transformation plan by following a senior deal on Tuesday with a return to a non-preferred format later this year.
