Commerzbank
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The Commerzbank and Deutsche Bank talks have given Europe’s FIG bankers an unexpected source of cheer, writes David Rothnie. -
The European corporate bond market’s charmed life continued on Tuesday, as if the intensifying crisis of Brexit was just a dream. Two triple-B issuers and one single-A all found the same deep demand that has greeted every deal for the past few weeks.
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Russian borrowers are returning to life as investors start to brush off sanctions risks, though issuance is still weak compared to the same time last year. Evraz hits the road for a five year dollar bond on Wednesday and Credit Bank of Moscow (CBM) came to market on Monday.
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The potential merger of Deutsche Bank and Commerzbank has been repeatedly panned since it was first floated, with good reason. But at the level of the whole German banking system, there is a certain logic to it.
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KfW, the German state-owned development bank, could be used to support the merged entity of Deutsche Bank and Commerzbank by taking on the government's stake in the latter.
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Credit Bank of Moscow (CBM) opened books on Monday for its return to the dollar market, taking orders for five year loan participation notes.
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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.
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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.
