Commerzbank
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The stakes have rarely been higher for a French election. When French voters head to the polls on Sunday, it may be to determine the fate of the eurozone. -
If the €2.1bn of loans Fresenius and Lufthansa found in the Schuldschein market were counted, the market would beat its record for total volume in a first quarter, nearly hitting €8bn in three months. But, as the volume soars, the number of deals is falling, as large deals exceed initial target sizes.
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The Eastern and Southern African Trade and Development Bank (PTA Bank) made a rapid return to the US dollar market on Thursday with a tap of its March 2022s.
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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UK hotel group Travelodge and social care firm Voyage Care both started roadshows on Wednesday for £165m and £250m of notes, respectively.
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The Eastern and Southern African Trade and Development Bank (PTA Bank) returned to the dollar market on Thursday morning with a reopening of its March 2022s.
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The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.
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Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.
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The first round of the French presidential election takes place this Sunday and, while the market is mostly quiet, Derek Halpenny, head of global markets research at MUFG, says that market participants have not priced in much risk of a shock anti-EU result.
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A hotly contested battle for the French presidency has quieted much of the public sector market this week, but KfW has picked banks for a five year euro benchmark.
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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.
