By Cristal Cody
Tupelo, Miss., July 2 – Commerzbank AG (A1/A-/BBB+) priced an upsized $1 billion of 7% perpetual tier 1 capital subordinated notes (Ba2/BB) on Tuesday following a roadshow, according to a news release.
Commerzbank offered a $500 million minimum deal size and held talks with more than 140 investors in Germany, Europe and Asia.
The offering attracted strong demand with the final order book several times oversubscribed, according to the release.
Bookrunners were UBS Securities LLC, Commerzbank, Barclays, HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC.
Terms include a temporary write-down if the bank’s common equity tier 1 ratio drops below 5.125%.
The company announced on June 25 that it would hold a roadshow for the offering.
The bonds will be listed on the Luxembourg Stock Exchange.
Commerzbank is a global banking and financial services company based in Frankfurt.
| Issuer: | Commerzbank AG
|
| Amount: | $1 billion
|
| Description: | Tier 1 capital subordinated notes
|
| Maturity: | Perpetual
|
| Bookrunners: | UBS Securities LLC, Commerzbank, Barclays, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC
|
| Coupon: | 7%
|
| Call feature: | April 2025
|
| Trade date: | July 2
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
| Marketing: | Roadshow
|
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