Currencies

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.

KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.

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.

Flughafen Zurich, the company responsible for operating Zurich airport, offered Swiss franc bond investors a 12 year note on Monday as the market soared on Emmanuel Macron’s ascendance to the French presidency.

Kommnunalbanken is bookbuilding in the Kauri market, with the deal expected to close on Tuesday.

A HK$28bn ($3.6bn) financing to support the take private of Hong Kong-listed footwear company Belle International Holdings is open for participation at the sub-underwriter level.

An enormous pipeline of euro paper has built up over the past few weeks as borrowers and investors wait, hoping that the result of Sunday’s presidential election in France will signal a return to business.

Hiag Immobilien, the Swiss property developer, reopened the Swiss franc bond market on Wednesday after three weeks without a new issue. Low levels of issuance have allowed Swiss property firms an easy ride in bond markets in 2017.

Kommunalbanken increased an Australian dollar bond tap on Thursday, as the reopened 4.25% July 2025 line enticed Asian central banks, while Bank Nederlandse Gemeenten tapped a 10 year Australian dollar bond twice in a week, raising A$155m ($116.7m) from Asian investors.

Kommunalkredit has invited noteholders to tender a trio of Swiss franc covered bonds.

Volvofinans Bank is preparing to issue Europe’s second green bond from the automotive sector. While the deal is already attracting interest from investors, its use to finance hybrid and electric cars may not tick the green box for all investors.