Europe

Two more bankers are leaving Daiwa Capital Markets Europe’s debt capital markets team, as the bank relocates staff to Frankfurt as part of plans to make sure it can continue to serve EU clients after Brexit.

Commerzbank reopened the covered bond market on Tuesday by pricing its largest Pfandbrief in a decade, following a meltdown in global finance last week.

Luminor Bank is expected to issue its debut covered bond after successfully concluding a roadshow this week. The deal will be the first Baltic covered bond under the Estonian legal framework.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 2. The source for secondary trading levels is ICE Data Services.

Moody’s is planning to revise its bank ratings methodology to update its loss given failure assumptions and reconsider how parent banks are related to their subsidiaries. The rating agency predicts the proposed changes will affect the ratings of up to 20 banking groups.

Financial institutions bond bankers are getting ready to launch new unsecured bond offerings this week, after conditions in the credit markets began to ease on Tuesday.

GTLK Europe, an aircraft and ship lessor, was offering a healthy new issue premium for a benchmark seven year bond in dollars on Tuesday, with the Covid-19 outbreak still casting a shadow over global financial markets.

Dürr is looking for its second sustainability-linked Schuldschein, after the listed mechanical and plant engineering firm launched its first issue in the format last May.

Boutique advisory firm Perella Weinberg Partners has chosen Marcus Schenck and Stefan Jentzsch to lead a new office in Germany.

Roland Domann has moved to MUFG to be part of its European sales and distribution team, just months after being hired by Nomura.

BMW Finance, a wholly owned special purpose vehicle of BMW, brought a Rmb3.5bn ($502m) dual tranche private placement Panda bond on Tuesday. Both tranches received plenty of demand from domestic investors, the result of flush liquidity onshore.

One of Goldman Sachs's senior European bond syndicate bankers has moved to New York, to an origination role.