Commerzbank
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve. -
Turkiye Sinai Kalkinma Bankasi batted away suggestions on Tuesday that its deal would suffer from pricing on the same day as the Turkish sovereign, printing a $350m five year bond from a book of $1.15bn and 15bp inside initial price guidance.
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The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.
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The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.
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KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
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A $5.5bn senior secured loan to refinance China National Chemical Corp’s (ChemChina) outstanding debt has been launched into general syndication by 16 mandated lead arrangers and bookrunners.
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The Republic of Slovenia brought forward a euro-denominated trade by as much as a week in order to take advantage of a strong issuance window, which enabled it to increase the size of its deal by €500m to €1.5bn, according to Marjan Divjak, director general of Slovenia’s debt management office.
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Slovenia took full advantage of its early market move on Thursday to secure its tightest ever spread, and what it expects to be its lowest coupon, on a new euro-denominated note.
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Commerzbank is "working on" a replacement for two longstanding FIG syndicate bankers who left the firm just before Christmas.
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Austrian oil and gas company OMV discovered on Thursday that investors are far from finished with the investment grade corporate bond market in 2017. The strength of demand for its new nine year deal resulted in the company printing its largest ever bond.
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Amprion, the German electricity transmission firm, has raised €200m with an issue of Schuldscheine and Namensschuldverschreibungen (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.
