Deutsche Bank
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The logic for a merger between Deutsche Bank and Commerzbank still looks far from convincing, despite the wishes of Germany’s political elite, writes David Rothnie. -
Up Fintech, parent of online trading platform Tiger Brokers, has launched bookbuilding for a smaller-than-expected $91m IPO.
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Embassy Office Parks Real Estate Investment Trust (Reit) has global long-only investors on tenterhooks as it prepares to launch its smaller-than-expected Rp47.5bn ($683m) IPO, having filed the final terms for India’s first Reit listing.
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Pepsico took one of its rare sips at the euro bond market on Monday, and was rewarded with two bonds, seen as priced flat to and through its curve. After the European corporate bond market was clouded by weak secondary trading last week, it was back on form on Monday.
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The prospect of a tie-up between Deutsche Bank and Commerzbank has put FIG bankers on red alert as they anticipate a ripple effect of bank consolidation across Europe.
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SNCF Réseau took advantage of a move in swap spreads and a favourable euro/dollar basis swap to sell its third dollar benchmark on Friday, ahead of what SSA bankers say will be a busy week of supply in the currency. Nordic agencies are among the issuers expected to be come to the dollar market next week.
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Rating: Aa3/AA-/AA-
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Achmea, the Dutch insurance holding company, has signed a €1bn sustainability-linked refinancing loan, in what one bank said was the first deal of its kind in the country's insurance sector.
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The Democratic Socialist Republic of Sri Lanka sealed a $2.4bn bond after shaking off investor concerns about the country’s political turmoil and ratings downgrades.
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Taps in Oceanic currencies flowed freely this week as two supranationals raised funds in the Kangaroo and Kauri markets.
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Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.
