Commerzbank

Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.

TeamViewer, the German remote connectivity software company, has amended bank facilities totalling €630m-equivalent, cutting 25bp-50bp off its margins after a spate of successes since its IPO last year.

Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.

Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.

The European Investment Bank re-opened the primary euro public sector bond market with a decent outing in the 10 year part of the curve on Tuesday. Finland is next up, hitting screens for a deal of the same tenor expected on Wednesday.

The European Investment Bank will re-open the euro public sector bond new issue market for the last funding period of the year. Further issuers are expected to appear this week, trying to get in before the European Union’s giant borrowing programme begins.

Oryx Stainless Group, a Dutch stainless steel company, has signed an €80m syndicated loan, refinancing a larger deal and moving some of its borrowing into Thai baht, in a rare secured borrowing base facility in the southeast Asian country.

Ista, the German energy company, has signed a €1.85bn sustainability-linked loan, as interest in this structure among European companies returns to near pre-crisis levels.

Ista, the German energy company, has signed a €1.85bn sustainability-linked loan, as European corporates considering the ESG-linked structure nears pre-crisis levels.

German drug packaging manufacturer Gerresheimer launched a Schuldschein on Tuesday, according to market sources, ahead of €190m of debt maturing this November.

Overcollateralisation (OC) levels have increased on covered bond pools since last year for European issuers, Fitch Ratings said this week. But while issuers in some countries, like the UK, showed a rise above the average, borrowers that have participated in central bank funding, like those in Germany, have managed to keep OC levels down.

Commerzbank expects its corporate division to remain under pressure from the coronavirus crisis in the second half of the year, after a second quarter where international firms rushed to take out debt products but the bank was stung by a large single provision, understood to relate to disgraced payments company, Wirecard.