Commerzbank

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.

Two German issuers sold corporate bonds on Tuesday and on Thursday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.

Germany’s largest residential real estate company, Vonovia, took its total bond issuance year to date to €3.6bn after announcing a €500m no-grow five year deal as it continued to fund its M&A activity.

British oil and gas company BP returned to the European corporate bond markets on Thursday for the first time in a year. Two euro tranches came 12 months after the company’s last euro offering, and a sterling tranche was its first in its domestic currency since August 2016.