Commerzbank

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.

UK hotel group Travelodge and social care firm Voyage Care both started roadshows on Wednesday for £165m and £250m of notes, respectively.

KfW

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.

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.

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.

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.

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.

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.

Bank of China launched its multi-currency, multi-tranche transaction on Tuesday morning, as Citic Securities also opened books for two tranches of dollar notes.

Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.