Commerzbank

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.

Switzerland’s Ameropa has signed a $600m revolving credit facility, with the privately owned agricultural business bumping up the size of its syndicated bank line and bank group.

India’s IndusInd Bank is paying up for its latest loan, after an aggressive price cut for its previous fundraising in 2018.

Renault issued a €1bn bond from its industrial arm on Monday, after a tumultuous few weeks in which the company had negotiated a (for now) abandoned merger offer from Fiat Chrysler Automobiles. The deal came amid a busy flurry of smaller issues.

Rail Cargo Austria, the railway cargo subsidiary of Austrian railways operator ÖBB Holding, entered the Schuldschein market on Monday for a minimum of €100m.