Commerzbank
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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon -
◆ Spanish covered was only new issue on Wednesday ◆ Tenor has been well-issued in past week ◆ Banker said market to slow from here
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◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium
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◆ Hungarian bank paid small new issue concession ◆ Spread about double that for a core European name ◆ OTP is largest Hungarian issuer of covereds
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◆ Banker said bonds offered no new issue concession ◆ Shinhan’s was one of six covered bonds on Monday ◆ Deal was fifth Korean covered this year
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◆ Spreads tightened on eight and 12 year tranches ◆ Banker had issuer paying 2bp NIP on both legs ◆ ING’s second covered deal of 2026
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◆ Issuer pays larger new issue premium on longer tranche... ◆ ...but none on well covered three year floater ◆ Banker off the deal said heavy supply weighing on demand
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◆ Issuers are fixated on 'short window', banker says ◆ Leads chose only two comparables for latest deal ◆ Orders swell beyond deal size
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◆ German bank launches new capital as it seeks to buy back old AT1s ◆ Deal lands amid UniCredit takeover... ◆ ... and prices close to where Italian bank's capital trades
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The conditions are in place for the return of big-ticket M&A to create a European banking champion that is sorely needed — provided the politics of it don’t get in the way
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The German toy production company doubled the size of its RCF but maintained its banking consortium
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◆ UOB cited last week's DBS covered as a comparable ◆ Singaporean bank issued a sterling covered last week ◆ Issuers using different currencies back-to-back is not unusual
