Commerzbank
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Russian potash fertiliser Uralkali has signed its five year $1.45bn-equivalent loan with 13 lenders joining the syndicate. With Uralkali and Suek now signed, lenders have started to prepare for EuroChem. -
Bilfinger, the German industrial services group emerging from a troubled period, is roadshowing on Monday and Tuesday for a €250m bond it pulled in October. The market conditions are not ideal but investors are engaging with the deal.
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European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.
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Spanish infrastructure and renewable energy company Acciona has returned to the Schuldschein market with a €150m-minimum triple tranche transaction. As lenders begin to loosen lines to Italy and Spain, arrangers said there may be more borrowers from those countries to come.
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Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.
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A trio of French companies moved ahead with Schuldschein deals this week, and bankers expect the coming weeks to be packed with borrowers seeking to raise funds before the summer.
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Commerzbank’s small and medium sized German corporate clients did not want to be serviced by the firm if it were merged with Deutsche Bank, according to Michael Reuther, head of the corporate clients unit at the former. His unit is now hoping to take more revenue from its existing clients, after growth in several of them in the first quarter.
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MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.
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Two African borrowers are set to hit the road for dollar bonds, extending a run of deals from the continent after a slow start to the year.
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Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet.
