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Bond Market News
Commerzbank Prepares for $471mn Q3 Hit on mBank Unit
Commerzbank said that it would take a €490mn ($471mn) hit on its Q3 operating profit after its Polish mBank unit booked additional provisions for its Swiss franc loans. The German banking major said that despite the hit, it is expected to reach its net profit target of more than €1bn ($960mn) for the full year. The additional provisions by mBank relates to a decade long event – mortgage customers took loans in Swiss francs to take advantage of low-to-negative interest rates in Switzerland. However, they faced much higher costs when the Polish zloty depreciated. The German lender had made an attempt to sell mBank in 2020, but abandoned the effort after an auction tailed in 2020.
Commerzbank’s USD 7% Perp was down 0.5 points to 89.38, yielding 12.1%.
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