Commerzbank

German medical care company Fresenius attracted 45 banks into a €3.8bn refinancing, closing the transaction on Tuesday.

Germany’s WL Bank left little on the table when selling a 10 year mortgage Pfandbrief on Tuesday, following the example of recent trades from Commerzbank and Münchener Hypothekenbank (MuHyp) and setting a final price very close to fair value.

The euro market for public sector borrowers appears to be fully reopening after the summer break, with a pair of issuers bringing mandates in very different tenors. Both trades are likely to benefit from the lack of supply over the last few weeks, said bankers.

Though there is still scope for the financial institutions bond market to start creeping back to life this week, participants think they will have to wait until September before new issuance volumes really start to perk up.

Kuwait’s Burgan Bank’s Turkish branch, Burgan Bank AS, signed a dual tranche facility of around $205m from 14 banks, at slightly higher pricing than its top tier compatriots.

Goldman Sachs opened the Swiss market in the middle of the summer holidays on Thursday, selling the largest US financial Swiss franc bond in the last two years — a consequence, bankers said, of clever timing from a respected name.

Commerzbank attracted as much demand and paid an identical new issue premium for its €750m 10 year covered bond issued on Thursday as Münchener Hypothekenbank (MuHyp) did for its €750m nine year launched a day before. The two transactions show that the summer lull is over and the covered bond market is back in business.

AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.

Two further Schuldschein deals at least doubled in size this week after Lonza's bumper earlier deal, as the market eclipsed its issuance level for the whole of 2016.

Inflammatory rhetoric between the US president and North Korea failed to disturb rates markets on Wednesday. FMS Wertmanagement on Wednesday brought a tightly priced deal that drew heavy central bank demand — although it fell “just a touch” under full subscription.

NRW.Bank racked up another tightly priced deal for the dollar SSA market on Tuesday, as FMS Wertmanagement prepared a trade that bankers expect to attract a similar central bank audience. Issuers are enjoying strong summer dollar conditions, with swap spreads stable and US Treasury spreads attractive for the buy-side.

Lonza, the Swiss pharmaceutical ingredients and dosing methods supplier, has closed an €870m-equivalent dual tranche Schuldschein loan, refinancing debt backing its acquisition of US drug capsules maker Capsugel.