Commerzbank's early Pfandbrief announcement sets up fight for investors in January
![Commerzbank Hamburg - bank offices in central Hamburg](https://assets.euromoneydigital.com/dims4/default/ab7f9c9/2147483647/strip/true/crop/5184x3888+0+0/resize/840x630!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fab%2F3e%2F5f66e61447a9b79700ee597e5064%2Fmhxmb6.jpg)
The bank's plan to issue a seven year covered bond sets the stage for likely head to head execution with LBBW
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