Commerzbank
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Analysts at Commerzbank have criticised Markit for excluding Deutsche Bank’s innovative conditional passthrough covered bond from the iBoxx index for covered bonds. They believe the decision is “technically difficult to justify” and could discourage other banks from embracing new formats. -
Investec has entered the loan market for the third time this year, taking a $450m two year term loan from a range of international lenders.
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Commerzbank has hired Jason Ho as its Hong Kong-based head of Greater China primary bonds, to strengthen its debt underwriting franchise in Asia and in China.
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One of Banca Imi's vice presidents of loan syndications in London has joined Commerzbank's international loan origination team in Paris.
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Commerzbank took advantage of a rise in yields to launch a nine year Pfandbrief on Monday. With yields rising 6bp overnight amid an improvement in risk sentiment, bankers suggested a positive yielding long seven year can expect a fair reception.
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Commerzbank was careful to leave a bit of premium on the table for investors on Wednesday, as it took home €500m of seven year funding ahead of the Thanksgiving holiday in the US.
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Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.
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Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.
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A rare borrower from New Zealand, telecoms infrastructure group Chorus, is to roadshow for a bond in Europe, as the continent's mountain of rated corporate debt reached €6.4tr.
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Severn Trent, the UK water company, has hired banks to arrange a roadshow, so that it can market its new sustainable finance framework to potential bond investors.
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LEG Immobilien, a German property company, brought the latest in a string of multi-tranche bonds to the European bond market this week, brushing off worries that the busy market was showing signs of fatigue.
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