Commerzbank
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The European Commission rounded off its pre-summer funding with a dual tranche outing this week. Despite the huge size raised, the execution was remarkably smooth, as is becoming a signature for the EU. But while the EU’s credentials as one of the top SSA issuers are beyond doubt, questions remain as to whether it is a supranational, or a quasi-sovereign issuer of eurozone safe assets.
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Raben Group, the Dutch-Polish logistics firm, closed its first sustainability-linked syndicated loan for €225m on Friday.
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The IPO of Novem Group, the German car parts supplier, is set to be priced at €16.50 a share, according to sources close to the deal.
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The European Union launched a pair of benchmarks on Tuesday, completing its pre-summer funding requirement and landing €15.25bn from a book of €147bn.
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The European Union mandated banks on Monday for a dual tranche transaction comprising bonds for its Next Generation EU (NGEU), European Financial Stabilisation (EFSM) and Macro-Financial Assistance (MFA) programmes.
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Novem Group, the German car parts supplier, is targeting a valuation of up to €830m in ts IPO on the Frankfurt Stock Exchange, it revealed on Thursday.
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Commerzbank has tapped Jack Jiang as head of capital markets and advisory for Asia.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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Repsol, the Spanish petrochemicals company, made its first foray into sustainability-linked bonds on Tuesday, though some of the power was taken out of the deal by investors judging the level too tight for a triple-B rated issuer.
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Altana, a German speciality chemicals company, has moved its main bank line to a sustainability-linked structure, with the borrower negotiating a margin in line with its pre-coronavirus pandemic levels.
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