Commerzbank
-
◆ Agency rides the ‘French agency hype’ ◆ Deal tightens more than expected ◆ Book is one of its largest -
UniCredit has bought 9.9% of Commerzbank partly through a block trade, founder sells his Jet2 stake and natural resources company raises capital for growth M&A
-
Euros are only ‘good on paper’ and dollar funding still attractive — for some
-
◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
-
◆ Issuer faces stiff competition ◆ First benchmark deal of the year ◆ Länder-KfW spread 'should be moving out again'
-
◆ Ten year Länder paper widens against KfW ◆ Deal strikes balance between size and price ◆ Investors on board despite deeply negative OAT spread
-
◆ German deal is first syndicated benchmark in five weeks ◆ Slim premium paid to secure size ◆ Issuer’s covered bonds are best German performer year to date
-
◆ First public SSA euro bond in weeks ◆ Deal has an unusual tenor ◆ Pricing ‘couldn’t have gone much tighter’
-
The FIG primary market reopened this week after the conclusion of the French parliamentary election but it has emerged that not every issuer is returning to a rapturous response
-
◆ Leads say deal landed well inside fair value ◆ Rivals say result points to ‘halcyon days’ of early 2024 ◆ Other issuers said to be eyeing Rabobank's callable FRN structure
-
◆ Dutch lender follows success of Commerzbank ◆ Small size may deter some participants ◆ Coupon expected to ‘leave some room’ for performance
-
Tone is ‘not exactly great’ for the primary SSA market this week
