Commerzbank
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
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High grade companies stormed the European bond market with an array of tranches on Wednesday, and investors snapped up the trades, despite it being so late in the year. -
Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.
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LEG Immobilien, the German property company, marketed a multi-tranche bond on Tuesday. Investors looked at the curve of domestic rival Vonovia to divine relative value.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.
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A trio of triple-B rated companies brought bond sales totalling €2.75bn on Thursday, as a primary market abuzz with official stimulus roared towards the year's close.
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Dekabank was quick to launch a preferred senior bond on Thursday, garnering 2.5 times the demand it needed for its €500m print by mid-morning in London. The German lender only ended up paying a small new issue premium to its investors.
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Commerzbank’s corporate clients division will focus on small and medium-sized enterprises (SMEs) and cross-selling over pure growth, as it continues with its latest strategic plan.
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National Express printed a £250m nine year bond at what looked like a zero concession to its curve on Wednesday, overcoming some sharp moves in the Gilt market.
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National Express and Citycon mandated banks on Thursday for bond issues, piling into the November issuance spree before the market goes into hibernation next month.
