Commerzbank
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It is misplaced to be relaxed about the speed with which banks are aligning their liability structures with regulatory requirements. -
Berlin Hyp, Commerzbank and Deutsche Bank used this week’s supply window to launch the first three preferred senior deals out of Germany, which has only just legislated for issuance in the asset class.
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Polish bank mBank is embarking on a roadshow to market the first euro denominated international public bond from the CEEMEA region in over a month, and the first since Turkey’s currency crisis triggered a wave of selling across emerging market debt.
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Russia’s Mechel has signed a $1bn-equivalent loan facility, as the metals and mining group pushes ahead with plans to restructure its debt portfolio by the end of 2018.
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Burundi-headquartered Eastern Southern Africa Trade & Development Bank has launched a $400m dual tranche loan into syndication, according to two lenders invited into the deal.
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Commerzbank was offering enough of a spread for its debut preferred senior deal to be able to tap into a deep pool of pent-up demand in the euro market on Tuesday.
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German issuers have wasted little time in selling preferred senior debt, after regaining access to the funding product through a legislative change last month. Berlin Hyp reopened the market with a tightly priced but thinly subscribed deal on Monday, and Commerzbank is looking to follow close behind with a debut offering of its own.
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Volkswagen Leasing took advantage of the positive tone in the quiet corporate bond market to build a huge order book for its €2.5bn triple-tranche offering.
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South Korea’s Woori Bank returned to the debt market on Monday, raising $300m from a Basel III-compliant tier two bond.
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French laboratory testing company Eurofins Scientific and Italian tyre company Pirelli have closed Schuldscheine totalling more than €1bn in the past week.
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Industrial Bank of Korea has sold its first social bond, but only after months of waiting for the market to calm.
