Europe

Clare Francis, head of global corporates at Lloyds, is to leave the UK firm.

Vorarlberger Landes-und Hypothekenbank (Vorhyp) pulled in a lot more demand for its seven year covered bond on Wednesday than De Volksbank was able to muster for a lower-rated 10 year.

Dutch insurance firm Vivat was looking to sell a new seven year senior transaction to investors on Wednesday, in an unusually structured deal that could open up opportunities for other insurers looking to optimise their capital costs.

Christopher Giancarlo, the acting chairman of the US Commodity Futures Trading Commission, on Wednesday stressed the importance of international derivatives clearing as he set out his regulatory agenda.

BNP Paribas and Goldman Sachs capitalised on attracting funding conditions for total loss-absorbing capacity (TLAC) eligible senior trades on Wednesday, following a recent fall in the level of new issue premiums.

Nederlandse Waterschapsbank will add a new item to SRI investors’ menu, after mandating banks on Wednesday to run a roadshow for a debut affordable housing bond.

Turkey's QNB Finansbank hit the road for a one day marketing exercise on Wednesday to sell a new senior dollar benchmark sized bond, for which leads are likely to open books on Thursday.

Banks dived into the primary market on Wednesday, following Emmanuel Macron's victory in the French election and as reporting season passed its busiest point. Borrowers are looking to follow a recent string of new deals that have been priced with close to no new issue premium.

Europe’s corporate bond market lit up with new issues this week, signalling the beginning of what is expected to be a hectic period until June. General Electric, BMW and Repsol with the first green bond from a major oil company are among the host of deals and mandates filling screens.

The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.

The victory of Emmanuel Macron in France's presidential election opens wide the window between now and the UK general election for IPOs to be done. The block trades market is also strong, with several large deals completed so far this week.

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.