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New Bond Issues
Commerzbank raised €750mn via a 4NC3 bond at a yield of 4.208%, 25bp inside initial guidance of MS+95bp area. The senior non-preferred note is rated Baa1/BBB and received orders of over €3.15bn, 4.2x issue size.
AIG raised €1.125bn via a two-part deal. It raised €625mn via a 5Y bond at a yield of 4.327%, 5bp inside initial guidance of MS+85bp area. It also raised €500mn via a 10Y bond at a yield of 4.776%, 5bp inside initial guidance of MS+125bp area. The senior unsecured notes are rated Baa1/A-/A-. Proceeds will be used for general corporate purposes which may include redemption payment for AIG’s 1.875% 2027 notes.