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Commerzbank SNP FV (Max. EUR 750mn 8NC7 SNP; Baa2/BBB-)

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  • Books above EUR 2.6b excl. JLMs
  • IPT given at MS+170a – we see FV around MS+135a
  • Commerzbank last issued SNP in a EUR 750mn 7NC6 deal in January that tightened 30bp to price at MS+210bp with a cover of 11x.

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