Commerzbank
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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
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Market participants recall NIP increases triggered by Trump's 'liberation day' tariffs
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◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points
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Commerzbank reshuffles leadership in Germany amid loan build-up
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◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution
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◆ 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
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◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October
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◆ 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
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◆ 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
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A Swiss borrower and Austria's Egger are in the market
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This year’s expected surge in IPOs and M&A deals should drive a proliferation of strategic equity derivative transactions, with $2bn of fees up for grabs
