By Laura Contemori – ROME (Econostream) – German bank Commerzbank AG on Wednesday priced €750 million of senior non-preferred notes.

The Reg S transaction carries an initial fixed annual coupon of 4.125% and is scheduled to settle on September 24, 2026. The notes mature on or around September 24, 2030 and are callable on or around September 24, 2029.

The deal was reoffered at a price of 99.771, for a yield to call of 4.208% and a spread of 70bp over euro mid-swaps. The transaction priced at 94.5bp over the German OBL 2.10% April 2029 benchmark, corresponding to a hedge ratio of 116%.

Commerzbank acted as global coordinator and joint bookrunner alongside CIBC Capital Markets, Deutsche Bank and RBC Capital Markets.

The transaction was priced at 15:14 CET (14:14 UK time).