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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS SECTOR
{GE}{3H} Commerzbank {CBK GY Equity} is one of the weaker performers in the SXXP in equity world, but its cash bonds remain relatively unchanged, if anything slightly tighter.
- Last week (15-Jan) Reuters reported Commerz-Deutsche merger talks were back on. CFO Von Moltke subsequently said he doesn’t comment on M&A and then promptly commented indicating he liked the idea of consolidation but the “preconditions” in Europe were “difficult”.
- Commerzbank equity has since dropped 7%, over half of which is today’s move as that market is discounting the merger speculation, we feel. Same time, CBK’s cash bonds are (slightly) tighter.
- In relative terms, Commerz’s most liquid ’25 bond { has continued to trade in line with ABN’s and Deutsche’s comparables so far this year, seemingly undisturbed by the equity moves.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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