Commerzbank

Fosun International pushed pricing aggressively for a new deal on Monday, but the $600m bond still surpassed its size expectations.

MTU Aero Engines, the German aeroplane engine maker, has mandated for its debut senior euro benchmark bond. The marketing process shows signs of a defensive approach, as the aviation industry has been ravaged by the coronavirus pandemic.

Investors appeared to be more sensitive of price movements in new issues of covered bonds this week, with valuations in the asset class having returned to within touching distance of their January levels.

Lenders to Wirecard, the embattled German payments company, will have to decide whether to call in its €1.75bn syndicated loan, after its auditor EY refused to sign off its 2019 accounts, which the company announced on Thursday, sending its share price into a spiral. Markus Braun, the company's CEO, resigned on Friday.

It was another scorching day in Europe’s high grade market on Wednesday following further central bank-created exuberance, as investors piled more than €55bn of orders into deals from across the spectrum of ratings and sectors.

The Financial Conduct Authority has fined Commerzbank £38m for anti-money laundering failures. One lawyer said the supervisor would be looking for similar culprits.

The European Investment Bank and the State of Brandenburg have mandated banks to bring euro deals on Thursday, in what has been an extremely thin week for supply with issuers well funded and some weakness in secondaries.

Jorge Masalles Sarragúa has become chief executive of Commerzbank Iberia, as the previous occupant heads to perform the same function for Hungary.

Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.

Banks are likely to consider unusual issuance windows this year given the disruption caused by the coronavirus crisis. They could even be hard at work during the summer months, according to deal arrangers.

Enexis, the Dutch electricity and gas grid and energy services group, issued its debut green bond on Wednesday and printed the €500m issue through its secondary curve, as a strong rally in utility debt pushes demand into regulated names.

Tom Tailor, the German fashion brand, has signed a €100m loan guaranteed by the federal and regional governments. It has also extended its existing bank line, although the company says it will not be enough to stave off insolvency at holding company level.