Commerzbank

Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.

Royal Bank of Scotland this week gave capital markets the clearest view yet of how banks are set to re-engage with the covered bond market as a staple source of financing, as the sector comes under pressure to wean itself off the special fundings schemes set up by the Bank of England and the European Central Bank.

The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.

Commerzbank has beaten profit expectations in the first quarter, thanks to strong results in its capital markets and securities, but it remains dogged by its poor quality shipping portfolio, and restructuring efforts.

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

Citigroup returned to the Swiss franc bond market after a 10 year absence, navigating through a "perfect storm", after Emmanuel Macron’s election as president of France, to price a bond in line with its dollar funding curve.

Hospital operator Ameos has scheduled a bank meeting for Wednesday morning for a €510m loan refinancing, as banks scramble for deals.

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

Anglo-Swiss commodity trading and mining company Glencore closed a $7.3bn one year revolving credit line on Wednesday.

Finnish packaging firm Huhtamäki closed a heavily oversubscribed dual currency Schuldschein on Monday as opportunities to invest in multiple currencies attract foreign lenders into the market.

B. Braun, the German medical and pharmaceutical devices firm, set a new Schuldschein record for low margins, launching a €150m triple tranche transaction amid increasingly aggressive pricing conditions.

Commerzbank on Thursday announced two appointments in Asia, including a new CEO for the Asean region.