Commerzbank

German banks could be slow to get going with issuing preferred senior debt despite the fact that they are regaining access to the tool from next week. Issuers will have to get to a hold on how pricing for the new notes will compare with other asset classes.

The Schuldschein market is back to its active self with over 20 borrowers marketing deals. This is sweet vindication for arrangers, who’ve had to deal with concerns after borrowers Steinhoff and Carillion fell from grace at the end of 2017 and start of 2018.

Structured receivables finance is a distinct form of financing that enables companies to unlock capital tied up on their balance sheet relating to larger ticket receivables or contracts payable by their customers over time. Clients that use this structure view it as a key tool for management of liquidity and working capital, given such receivables are often less well suited to traditional forms of receivables financing, such as factoring or ABCP conduit funding

Shifting market conditions have forced Yes Bank to pay up for a quick return to the dollar loan market, after it found it difficult to woo lenders to a similar — but tighter priced — offering earlier this year, writes Pan Yue.

Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.

The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.

Yes Bank is enticing lenders to a $400m three year loan by offering a higher margin when compared to a similar transaction launched in January.

Barclays has returned to the Swiss franc bond market after an eight year absence.

Société Générale on Tuesday announced that it had agreed to buy Commerzbank’s equity markets and commodities business (EMC), including market-making flow and products trading as well as exchange-traded fund (ETF) subsidiary ComStage.

Dutch food and biochemical company Corbion has refinanced its revolving facility with a five year loan with an interest rate linked to the company’s year-on-year sustainability performance.

Guarantor: Federal State of North Rhine‑Westphalia

German construction firm Hochtief opted for a €500m no-grow deal when it came to market for the first time as a rated company this week. The company gained a BBB rating from Standard & Poor’s in May 2017.