Commerzbank

Export Development Canada and Erste Abwicklungsanstalt raised short term dollar debt on Wednesday as the market was buoyed by a dovish congressional testimony from the chair of the Federal Reserve.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

An undersupplied sterling bond market was on Wednesday given two new corporate deals to chew on: a £350m three year from carmaker BMW and a £250m no-grow eight year from UK retailer Marks & Spencer. Abertis Infraestructuras, the Spanish roll road operator, also offered a €1.3bn six and 10 year deal.

Commerzbank has appointed a head of public sector origination and syndication, and a head of international banks, as part of a reorganisation of its debt capital markets business, GlobalCapital understands.

Commerzbank was more than 10 times subscribed for its first ever additional tier one on Tuesday, despite widespread disagreement in the market about what would constitute fair value for the new securities.

A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.

Changes in European banking regulation are helping to convince long-time opponents of issuing additional tier one (AT1) capital that there is value in getting involved in the asset class, with Commerzbank finally signalling this week that it intends to issue in the format.

Can a bank ever really be certain about its interpretation of the perfect capital structure?

Luxembourg’s SES has refinanced its revolving credit facility, trimming at the margin of the €1.2bn deal as banks piled into the satellite operator’s transaction.

Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.

Commerzbank said on Tuesday that it was looking to issue its first ever additional tier one (AT1) instrument, following a roadshow that begins later this week.

Sharjah-based United Arab Bank (UAB) has raised a $195m loan from a consortium of local and European banks, as borrowers in the region continue to diversify their portfolios with international lenders.