Commerzbank
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Commercial banks have been flexing their muscles in the Schuldschein market, with three international deals being marketed without a Landesbank in sight. -
The logic for a merger between Deutsche Bank and Commerzbank still looks far from convincing, despite the wishes of Germany’s political elite, writes David Rothnie.
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Unédic priced through fair value for its first bond of the year on Wednesday, as the European Central Bank’s announcement of fresh liquidity supercharged an already red hot euro SSA market. African Development Bank will hope to find similar success in the 10 year part of the curve after mandating banks for its first benchmark of the year.
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Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
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Credit Bank of Moscow (CBM) is going on the road to promote a dollar loan participation note, returning to its usual external funding currency after a flirtation with euros in February.
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Commerzbank and Deutsche Börse have completed of a repo transaction using blockchain technology, opening up the possibility of a secondary market environment operating on distributed ledger.
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The prospect of a tie-up between Deutsche Bank and Commerzbank has put FIG bankers on red alert as they anticipate a ripple effect of bank consolidation across Europe.
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Financial institutions have been crushing new issue premiums by ratcheting in the pricing on new issues as they look to keep up with an impressive rally in the secondary market in February.
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German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in the public bond markets. The BB-rated company is offering a spread substantially higher than a typical Schuldschein borrower, in the hope that lenders will forego its failed bond market foray and be charitable with its chequered past.
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Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.
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The Export-Import Bank of China raised €1bn from a three year bullet on Wednesday, bringing home more cash than expected thanks to overwhelming orders from eager investors.
