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Commerzbank AG
Commerzbank AG

Commerzbank AG (CMZB)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
CMZB
Commerzbank AG€750
1EMEA
May 28, 2026
currency
EUR
size (m)
750.000
maturity
Jun 3, 2033
type
Fixed to Floating
tenor
7.000
call
6.00
registration
Reg S Only
benchmark
Swaps
ranking
Senior Non-Preferred
moody's
Baa1
s&p
BBB
fitch
-
size description
-
re-open/tap
No
ipt
MS+125 area
ipt-pxd
-28
guidance
n/a - straight to launch
spread
97
coupon
3.75%
spread set
-
price
99.58900
yield
3.828%
book size (m)
2,200
peak book (m)
2,400
x-covered
2.93
book attrition
-8.33%
nic
6
billing & delivering
CMZ
active leads
CMZ
joint leads
BMO,ING,LLY,SNT
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,400
x-covered
2.93
book attrition
-8.33%
nic
6
billing & delivering
CMZ
active leads
CMZ
joint leads
BMO,ING,LLY,SNT
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; Redemption: 2032-06-03; Registration: Reg S Only; Comments: DBR 0 02/15/32 at 88.71% / B+109 / HR 110%. Tax Call: Yes. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 851WYGNLUQLFZBSYGB56. Deal Stats: By Geography: UK/IR 25%, GERMANY 14%, NORDICS 14%, ASIA 13%, FRANCE 12%, BENELUX 11%, S.EUR 4%, N. AMERICA 3%, AT/CH 3%, OTHER 1%. By Type: FUND 57%, INS/PF 13%, GOVT/OI 13%, BANKS 11%, HF 3%, OTHER 3%;
Deal Comments
UPDATE: Spread set at MS+97#
Relative Value

Senior Non-Preferred

7NC6 (June 2033) @ MS+125 area

Implied Spread for fresh 7NC6 @ +91

Priced at MS +97

NIC of +6


Comps

Ticker

Coupon

Size

Rating

Issue Date

Call/Mat

I+(bid)

CMZB

4.000

750M

Baa1/BBB/-

Jul-24

Jul-31/32

84

CMZB

3.750

750M

Baa1/BBB/-

Jun-25

Jun-33/34

99

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)May 28, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED (CORRECTION): Commerzbank €750m 7NC6 SNP; MS+97bpMay 28, 2026
ALLOCATIONS OUT: Commerzbank €750m 7NC6 SNP; MS+97bpMay 28, 2026
LAUNCHED: Commerzbank €750m 7NC6 SNP; MS+97bpMay 28, 2026
NEW ISSUE: Commerzbank € bmk 7NC6 SNP; MS+125aMay 28, 2026
1 to 4 of 4
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About
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API Documentation
Global Issuers List
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Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
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More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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