Commerzbank

Four Pfandbriefe got traction this week but the limelight was stolen by Commerzbank which issued its fourth covered bond of the year, its largest in four years and its first with a five year tenor since 2015.

NRW.Bank is preparing the next line in its green bond offering and hired banks on Thursday to run investor meetings next week.

Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.

Hamburger Sparkasse (HASPA) paid a small new issue premium for its five year Pfandbrief on Tuesday, and will be followed on Wednesday with more German covered bonds in the belly of the curve from Commerzbank and Stadtsparkasse München. Despite the ease of five year execution, some bankers believe the 10 year is also open — and could soon be supplied by a fourth German issuer.

Philippine firm Rizal Commercial Banking Corp is seeking a $300m offshore loan via five mandated lead arrangers and bookrunners, according to a banker with knowledge of the deal.

German energy supplier Innogy found the corporate bond market tough going for its latest new issue, despite marketing its deal for two days. However, it did execute the deal in a week that saw two corporate bond deals pulled, and despite an M&A shadow hanging over the company.

Polish financial institution mBank has returned to the Swiss franc bond market. Like many sold in the past few weeks, the bonds were priced at the wider end of guidance — a sign that the market is returning to more conventional spread levels, and investors are expecting higher returns.

On Wednesday, US electrical appliance manufacturer Whirlpool became the second investment grade corporate borrower to pull a deal in a week. German energy company Innogy and Whirlpool both found the corporate bond market tough going on Wednesday, despite having employed two-day marketing strategies. Whirlpool, however, took the hardest hit.

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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.

German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.

A pair of euro borrowers hit screens at the short end of the euro curve on Thursday, but both failed to reach full subscription.