Bond Factsheet
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CMZB 5.700% 03May2033 Corp (SGD)
Commerzbank AG
Full Lot
Bid Price 102.600
Change in Bid Price
-
Bid Yield (%) 3.663 %
Change in Bid Yield
-
Bid Volume 250,000
Ask Price 103.300
Change in Ask Price
-
Ask Yield (%) 3.128 %
Change in Ask Yield
-
Ask Volume 250,000
Price as of 05 Oct 2026, 4:49pm
Odd Lot
Bid Price 102.600
Change in Bid Price 0.300
Bid Yield (%) 3.663 %
Change in Bid Yield 0.173
Bid Volume 100,000
Ask Price 103.350
Change in Ask Price 0.450
Ask Yield (%) 3.090 %
Change in Ask Yield 0.400
Ask Volume 100,000
Price as of 05 Oct 2026, 4:49pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Commerzbank AG
Guarantor
-
Announcement Date
30 Jan 2023
Issue Date
03 Feb 2023
Maturity Date
03 May 2033
Years to Maturity / Next Call
6.580 / 1.330
Modified Duration
5.344 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.702
Coupon Type
Variable
Annual Coupon Rate
5.700
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset date: 03 May 2028
Reset Rate: 5-year SORA + Initial Margin (2.856%)
ISIN
XS2537263340
CUSIP
ZM7415999
Bond Currency
SGD
Total Issue Size
300,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ W.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Prior to any insolvency, dissolution or liquidation of the Issuer, under bank resolution laws applicable to the Issuer from time to time, the competent resolution authority may write down (including to zero) the obligations of the Issuer under the Notes, convert them into equity (e.g. ordinary shares of the Issuer) or apply any other resolution measure, including (but not limited to) any transfer of the obligations to another entity, an amendment of the Terms and Conditions or a cancellation of the Notes.
Risks in connection with the implementation of a resolution regime for banks
The BRRD was also implemented in Germany through the Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz – "SAG"). In November 2020 the so-called risk reduction act (Risikoreduzierungsgesetz) has been adopted to implement BRRD II in Germany, which led to, inter alia, amendments to the SAG. For credit institutions established in the eurozone, such as the Issuer, that are supervised within the framework of the Single Supervisory Mechanism ("SSM"), Regulation (EU) No 806/2014, as amended from time to time, in particular by 32 Regulation (EU) 2019/877 ("SRM Regulation") provides for a coherent application of the resolution provisions across the SSM.
Under the SRM Regulation, the Issuer is subject to the resolution decisions that might be taken by the European Single Resolution Board and in close cooperation with the European Central Bank, the European Commission and the national resolution authorities. The SRM's decisions are executed by the competent German authority, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – "BaFin").
The SRM Regulation includes inter alia potential loss participation of creditors of credit institutions. Pursuant to the SRM Regulation, the competent resolution authorities shall be given the authority to write down the claims of unsecured creditors of a failing institution and to convert debt claims into equity (so-called "bail-in tool"), transfer assets, rights and liabilities to a bridge bank or an asset management vehicle, sell the credit institution or its business to a third party or change the maturity or the interest rate of the instruments if certain requirements are met ("Resolution Tools").
Under the bail-in tool the competent resolution authority shall have the power, upon certain trigger events, to cancel existing shares, to write down liabilities eligible for bail-in (i.e. own funds instruments such as the Subordinated Notes and other subordinated debt and even non-subordinated debt (such as the Preferred Senior Notes and the Non Preferred Senior Notes), subject to exceptions in respect of certain liabilities) of a failing credit institution or to convert such eligible liabilities of a failing credit institution into shares or other instruments of ownership at certain rates of conversion in order to strengthen the credit institution's financial position and allow it to continue as a going concern subject to appropriate restructuring.
Pursuant to the SRM Regulation, any write-down (or conversion into equity) shall not result in an early redemption. Consequently, any amounts so written down would be irrevocably lost and the holders of such instruments would cease to have any claims thereunder, regardless whether or not the bank's financial position is restored.
Issuer Call
Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, on giving not less than 5 and not more than 60 days' prior notice to the Noteholders, redeem all, but not only some, of the outstanding Notes on each Business Day during the period from and including 3 February 2028 to but excluding the Reset Date and on the Reset Date.
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