Commerzbank
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Former KfW funding official to join Canadian bank as it grows euro bond business -
◆ German bank's first sterling senior note in almost four years ◆ Premium paid ◆ Valuations 'quite squeezed' in wider sterling market
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◆ Almost €700m of orders lost… ◆ …but deal still prices tight ◆ Trade Commerzbank's third five year this year
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◆ Well funded issuer takes aim at tight long end spreads ◆ Achieves 'very beneficial' spread even after slight premium paid ◆ Smaller size helps
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French risk ‘the known unknown’ and will ‘get serious' come autumn
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◆ Bank treasurer speaks following after debut tier two in euros ◆ Deal reintroduces Polish tier two debt in the public euro market ◆ mBank next plans new SRT and SNP refi
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◆ Investors show keenness for higher yielding bonds as macro trumps geopolitics ◆ BNP Paribas and Nomura eye dollar AT1s ◆ Commerz adds tier two capital in euros
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Dance between secured and unsecured FIG bonds puzzles bankers
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◆ One tranche experiences more attrition ◆ New issue concession varies on legs ◆ Fast money investors exhibit sensitivity
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◆ Tier one capital flies in rallying market ◆ High initial new issue premiums draw big orders ◆ Axa adds new tier two, Commerz buys back old AT1
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
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◆ Länder's 10 year 10bp back from KfW ◆ Deal over three times covered ◆ Trade 'could encourage' further German state issuance
