Commerzbank
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National Bank of Canada and Commerzbank both came to the market with seven year covered bonds on Tuesday. -
Union National Bank has tightened price guidance on its benchmark dollar five year bond.
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A pair of chunky fundraisings in Asia have been lapped up by banks, as China National Chemical Corp (ChemChina) and Zhejiang Geely Holding Group look to wrap up syndications next week.
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Siemens has chosen to set a price range designed to please investors on the IPO of its medical technology division Siemens Healthineers, rather than seeking an aggressive valuation.
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Commerzbank has mandated joint leads for a seven year mortgage backed Pfandbrief.
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Oman’s Bank Sohar has successfully closed the syndication of a $300m loan, underwritten by Bank ABC and Commerzbank in December.
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RCI Banque was one of the first issuers to sell a corporate bond in 2018. It has returned two months later with a dual-tranche offering which took advantage of demand for floating rate notes as well as fixed rate paper.
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Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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Finnish residential property developer Kojamo and French care home operator Orpea added to the geographical diversity of the property company corporate bonds sold this week with a €500m seven year deal, while frequent issuer RCI Banque sold a dual tranche offering
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Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.
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With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer.
