Commerzbank
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Commerzbank booked all of the €807m restructuring costs associated with its 'Commerzbank 4.0' programme in the second quarter, pushing the bank to an overall loss of €406m. But the bank’s management are optimistic about the second half of the year, and argue that some of its businesses have turned a corner. -
The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.
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Italian cement and concrete group Buzzi Unicem launched a debut €250m triple tranche Schuldschein, with half of the intended volume directed at its German subsidiary, Dyckerhoff.
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The Polish subsidiary of Commerzbank, mBank, has published the base prospectus for its €3bn covered bond programme, suggesting it could be ready to start a marketing drive leading to its first euro-denominated publicly syndicated deal.
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Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.
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Spiralling core eurozone government yields helped the European Financial Stability Facility pull off a cracking dual tranche trade this week, picking up a hefty €3.5bn at the long end. That led to speculation that other issuers could look to grab some long end funding before the summer — but with rates still rising and a weak French sovereign bond auction on Thursday, the window may have passed.
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The European Financial Stability Facility on Tuesday enjoyed the rare treat of bringing a dual tranche trade that garnered more interest for the longer than the shorter leg. That result surprised bankers away from the deal — but one of the leads said it may have been due to real money investors taking a punt that the end of eurozone quantitative easing is further off than some of their peers think.
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Turkey’s first privately owned development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has refinanced a loan which matured last Wednesday with a $297m facility from a syndicate of 18 banks.
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A sell-off in rates over the last few trading days should support the European Financial Stability Facility’s first trade of the third quarter, said bankers. The supranational mandated banks on Monday for a dual tranche trade in the belly and long end of the euro curve.
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The European Investment Bank this week celebrated the 10th anniversary of its printing of the first ever green bond with the longest dated deal in the format from a supranational or agency — and at double its initial size target. The trade is also a further indication that green bonds can trade tighter in secondary than conventional paper.
