Commerzbank
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Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas. -
Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.
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Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors.
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Novartis, the Swiss pharmaceutical company, is set to join the nascent sustainability-linked bond market this week after mandating banks for a trade and investors will have another chance to pick up crossover rated debt in a deal from forklift truck maker Kion Group.
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The European bond market has lost none of its charm or interest, said one of its most experienced bankers this week, on the verge of his retirement. Hugh Carter, Commerzbank’s head of credit syndicate, is leaving the bank on September 18.
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Commerzbank did not pay a premium to launch its new additional tier one (AT1) this week, as it found strong demand at the long end of the curve. The bank was returning to the market just three months after its last deal in the format.
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Bank of Communications used its Hong Kong arm for a tightly priced dual-tranche deal on Thursday, bringing back floating rate and fixed rate combo bonds for Chinese financial credits.
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Daimler blasted far through its conventional bond curve with its €1bn debut green deal on Thursday, in a first for the European automotive industry that is expected to herald a spate of similar issuance — and could reset expectations about the difference between green and conventional bond pricing.
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Glencore, the UK commodity trading company, captured the corporate bond market’s attention on Wednesday with the first test of demand for a cyclical credit since the summer break. Investors jumped at the deal, with leads launching it flat to the borrower’s curve.
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Germany received overwhelming support for its debut green bond on Wednesday, which was sold via syndication and twinned with a conventional Bund of the same maturity and coupon in what it is a brand new structure for issuing green debt.
