Bank of America

Shares in Cobham, the troubled UK aerospace and marine technology company, have risen 12% since the company’s shareholders gave their backing for the company’s second rights issue in 12 months on Wednesday.

Bank of America became the first US bank to target the euro market for new senior debt after publishing first quarter results, as the firm and its compatriot peers pile into the capital market for new total loss-absorbing capacity (TLAC) eligible deals.

Bank of America opened books on a four tranche dollar deal on Wednesday, following first quarter earnings and chasing huge senior transactions from its peers JP Morgan and Citi.

Theresa May stunned the UK on Tuesday by calling a snap general election, but equity capital markets remain calm and the next wave of IPOs is becoming more visible, with two more new deals announced this week.

Bank of America on Tuesday joined the other large US banks in announcing strong first quarter results, booking profits for the period of near $4.9bn, some 40% more than in the first quarter of last year.

VolkerWessels, the Dutch construction and property development group owned by the Wessels family, has announced its intention to float on the Amsterdam Stock Exchange, over a decade after it was taken private in a buyout.

Drax Group, the UK energy holding company, has scheduled a roadshow for Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year.

Russian fertiliser producer Phosagro will meet investors from Thursday for its first Eurobond since 2013.

The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally.

Rating: Aa1/AA+/AA+

The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.

Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.