Commerzbank

◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription

The path to a capital markets union will inevitably pass through a pan-European banking union

◆ Commerzbank opts to raise long end senior funding for 2025 a week after dollar AT1 ◆ BFCM goes longer compared to recent multi-tranche Samurai ◆ Commerz pays no premium, BFCM offers slight concession

◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year

◆ The new pecking order in eurozone government bonds ◆ Can the bond market build Britain? ◆ UniCredit v Commerzbank: after Orcel's gambit, the Orlopp defence

Commerzbank’s new chief executive Bettina Orlopp has limited options to defend the bank — unlike UniCredit in attacking it

◆ German bank brings dollar AT1 after June's euros print ◆ Potential UniCredit takeover partially factored into pricing ◆ Deal offers premium to European peers

Big step forward in UniCredit’s attempt to control Commerzbank

Banks will have had difficult choices to make

◆ New rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted

UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others

◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital