Commerzbank
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This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market. -
A brutal sell-off in credit in recent trading sessions has left some market participants questioning whether bank bonds are now ‘more in tune with what they should be’.
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Commerzbank reopened the covered bond market on Tuesday by pricing its largest Pfandbrief in a decade, following a meltdown in global finance last week.
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Relx, the UK specialist publisher, reopened the European corporate bond market on Tuesday after more than a week without any benchmark issuance. It was a convincing €2bn issue, but Relx had to pay double digit new issue premiums.
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Unédic was almost three times covered for a 10 year bond on Thursday, with the leads pointing to the relative value of the trade and the quality of name as the factors behind its success against a difficult market backdrop.
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On-looking SSA bankers applauded the European Stability Mechanism’s trade on Tuesday, which managed to get over the line with minimal new issue premium despite sharp moves in the rates market caused by the spread of the Covid-19 coronavirus.
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Tradition’s rates trading platform, Trad-X, has signed up Commerzbank and DekaBank to its new dealer-to-client central limit order book (Clob) and has 12 more firms in the pipeline.
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Relx Finance, the funding arm of UK specialist publisher Relx, has hired banks to arrange a roadshow for a triple tranche bond sale, with maturities out as far as 12 years.
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Fosun International has returned to the offshore loan market for a $650m refinancing that is being run by a large banking group at the top.
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Luxemboug's Clearstream Banking has refinanced its $3bn short term letter of credit facility, making the deal for the branch of the international central securities depository the second biggest investment grade syndicated loan in Europe so far this year, according to Dealogic.
