Commerzbank
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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. -
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.
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China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after 15 years away. The bond is expected to encourage Chinese issuers from across the credit spectrum to tap the euro market, writes Addison Gong.
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China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after a 15 year layoff. Bankers think the deal will encourage Chinese issuers from across the credit spectrum to come to the euro market.
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A flurry of new deals this week had issuers having to compete for investors’ attention. Bankers said that higher yielding deals were much easier to sell, with non-preferred senior bonds from Bankia and Lloyds Banking Group proving more popular than a tighter print from Belfius.
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Germany’s E.On came with a €500m no-grow 2031 trade on Thursday, as corporate bond syndicate bankers said it was still too early to judge the scale of the European Central Bank’s bond buying programme.
