Germany
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Commerzbank released a preliminary set of earnings on Monday evening, with the operational risk management helping drive an unexpected decline in the bank’s common equity tier one capital ratio. -
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European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.
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The VDP’s newly appointed president, Dr Louis Hagen, has some strong, clear cut views on a wide range of topics affecting both the Pfandbrief and covered bond markets. He talks to The Cover about the implications of Brexit, covered bond supervision in the banking union, the Net Stable Funding Ratio, the leverage ratio, soft bullet extensions and harmonisation.
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Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.
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Rentenbank has opened the 10 year part of the dollar curve to elite borrowers with a heavily oversubscribed trade. While the public markets have been in rare health, dollar issuance had, until Wednesday, been confined to the three and five year maturities for months.The last time an SSA borrower printed over $1bn of 10 year paper was, according to Dealogic, at the end of May when the Inter-American Development Bank sold $1.5bn with a 2% coupon.
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Two of this week's benchmark issuers are planning second trips to the capital markets for benchmark funding in the third quarter.
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Shares in Kion Group, the world's second largest maker of forklift trucks, traded up more than 5% on Tuesday after it completed a 10% capital increase to partly finance its acquisition of Dematic, a Luxembourg-based firm specialising in automation and supply chain optimisation.
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The run of success for public sector borrowers continued on Wednesday, as strong demand and a high quality book allowed NRW.Bank to price flat to its curve.
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NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.
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WL Bank enjoyed strong demand for its €250m 10 year covered bond tap on Tuesday, an increase that managed to provide investors with a positive yield. But with spreads in the secondary market tightening again on no flow, the positive yielding universe was quickly disappearing.
