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FINANCIALS: CMZB; German Unions Predictably Underwhelmed.

FINANCIALS

Commerzbank (CMZB: Baa2 pos/BBB) predictable headlines rolling from German union, Verdi, which has traditionally been against most attempts to modernise and streamline an over-costed banking sector. Unhelpful but the German government has, so far, been clear on its commitment to a financial solution for Commerzbank. Also note VW’s recent news on German job guarantees – it would appear corporate Germany is feeling rather more emboldened in the face of union pressure. Shouldn’t be a spread mover, we feel.

  • “*GERMAN UNION URGES GOVERNMENT TO STOP COMMERZBANK TAKEOVER
  • *VERDI: GERMANY SHOULD STOP FURTHER COMMERZBANK SHARE SALE” - BBG

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