Europe

HSBC Canada this week issued a larger covered bond and with a higher subscription ratio than it managed on its inaugural deal, reflecting that its marketing efforts had “really resonated with investors”, according to the bank’s head of balance sheet management, Marty Halpin.

DekaBank managed to raise 10 year Pfrandbrief funding on Thursday, but with rates volatility spiking higher, the deal lacked lustre, similar to many covered bonds issued lately.

Danske Bank has appointed Stephan Engels as chief financial officer, leaving the same post vacant at Commerzbank. The move comes as the Danish lender has been dealing with the fallout from a money laundering scandal, while its German counterpart has warned of difficult business conditions.

This year’s second Turkish bank refinancing wave has started and borrowers are pushing hard for tighter pricing. Akbank is expected to set the benchmark for its peers by securing tighter margins on its upcoming loan refi.

Österreichische Kontrollbank (OeKB), Austria’s export credit agency, will go on roadshow next week to present its recently established sustainability bond framework to European investors. An inaugural bond in the format is expected to follow.

Ukrainian grain and sunflower producer Kernel is set to amend and extend an existing syndicated loan, according to bankers familiar with the deal. The transaction marks one of the few intermittent spots of activity in the Ukrainian loan market.

Goldman Sachs has picked Marc Nachmann, co-head of the investment banking division, to jointly run its securities division in the US, following the retirement of Marty Chavez.

French glass packaging company Verallia’s registration document has been approved by AMF, France’s market regulator, paving the way for a €4bn IPO on Euronext Paris.

Domestic borrowers led Swiss franc issuance this week. On Monday, the multi-line insurance company Baloise Holding (rated A- by Standard & Poor’s) returned to the market for the first time since January, with a three-tranche Sfr425m ($432.7m) trade led by Credit Suisse and UBS. Before this issue, its largest outstanding bond in the Swiss market was its Sfr300m 2.875% 10 year trade maturing in 2020.

Five new corporate bond issues including a €3bn issue from AT&T hit the market on Wednesday, after Danaher had completed its €6.25bn deal on Tuesday, leaving room for more companies to borrow.

Salt, the Swiss telecommunications company controlled by a French billionaire Xavier Niel, is touring Europe this week marketing senior secured notes, as it attempts to refinance a large chunk of its existing debt.

The Fixed Income, Currencies and Commodities Market Standards Board (FMSB), a body which aims to establish good practice and conduct standards in wholesale markets, is in a legal dispute with a former employee. It relates to expert witness work he conducted for an FX trading misconduct case involving Deutsche Bank, which is alleged to have complained about his involvement.