Germany
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SSA trio keep dollar investors busy with two, five and 10 year bonds -
◆ Demand for Commerzbank deal less than expected ◆ 6bp-7bp of premium needed ◆ Senior unsecured supply glut eats up covered demand
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Deal increased from €150m to €350m
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The deal paid a substantial pick-up to recent 10 year Pfandbriefe
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Pricing arbitrage for the issuer strengthens case for more foreign corporate issuance
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First 20 year corporate deal since February gets enthusiastic investor response
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Rocky market no obstacle for issuers even at lowest rung of investment-grade
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Access to longer funding may soon spread to new countries
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Bayer and TVO bring conventional trades as investors lock in higher yields
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Pre-summer flurry sees multi-tranche and SLB deals mandated for this week
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Bond spreads have tightened, while Schuldschein pricing slowly accepts last year's widening
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The CRE market has yet to stabilise, with bids and offers far apart
