Commerzbank
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◆ German deal is first syndicated benchmark in five weeks ◆ Slim premium paid to secure size ◆ Issuer’s covered bonds are best German performer year to date -
◆ First public SSA euro bond in weeks ◆ Deal has an unusual tenor ◆ Pricing ‘couldn’t have gone much tighter’
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The FIG primary market reopened this week after the conclusion of the French parliamentary election but it has emerged that not every issuer is returning to a rapturous response
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◆ Leads say deal landed well inside fair value ◆ Rivals say result points to ‘halcyon days’ of early 2024 ◆ Other issuers said to be eyeing Rabobank's callable FRN structure
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◆ Dutch lender follows success of Commerzbank ◆ Small size may deter some participants ◆ Coupon expected to ‘leave some room’ for performance
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Tone is ‘not exactly great’ for the primary SSA market this week
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Santander and EFG Bank find success as Swiss market gears up for rate cuts
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Some bankers were surprised, others not, but all expect a reduced EU funding programme for 2024's second half
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The Japanese carmaker and the Canadian bank were among five issuers to tap the market on Monday
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Swiss investors rediscover appetite for short-dated corporate paper
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Rare Italian issuer attracts strong interest from private banks, while Crédit Agricole scores a hat trick
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Deal is the fourth under the Swiss National Bank’s wholesale CBDC pilot programme
