Commerzbank

The launch of a €35bn exchange offer for Germany’s Commerzbank marks a decisive attempt to break a stalemate that has frustrated Andrea Orcel in his quest to turn UniCredit into a pan-European banking champion

Many factors could affect the relative value of covered bonds and SSAs this year

The lack of covered bonds priced this week has focused minds on the the specific requirements of investors and issuers

Research suggests up to €23bn of new covered bonds could still be issued in March

Market participants recall NIP increases triggered by Trump's 'liberation day' tariffs

◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points

Commerzbank reshuffles leadership in Germany amid loan build-up

◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution

◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance

◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October

◆ Book drops most pronounced in tier two market ◆ Erste lands new deal at fair value even after losing half its orders ◆ Commerz suffers due to marginal premium

◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value