Europe

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

The public sector dollar market is set to put a series of obstacles behind it to resume full pace next week — but issuers may opt to instead take advantage of sumptuous conditions in euros.

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.

Sparebanken Sør Boligkreditt has mandated joint leads for a roadshow to market its second euro covered bond.

FMS Wertmanagement nipped into a quiet dollar market to print a three year Reg S only syndication, the issuer’s first dollar deal at that point of the curve to come through mid-swaps this year.

HSBC said on Thursday that it expected to issue close to $60bn of new bonds for the minimum requirement for own funds and eligible liabilities (MREL) over the next few years, having scaled down its previous estimates.

UK specialist insurance and travel provider Saga is set to price its first bond next week, a benchmark deal that is part of a refinancing of its financial structure.

Société Générale missed consensus for its first quarter earnings on Thursday, following a €963m legal settlement with the Libyan sovereign wealth fund. But the French bank’s results were otherwise robust, with a particularly strong performance in trading fixed income currencies and commodities.

An inaugural deal from second tier Turkish lender Fibabanka on Wednesday offered further proof that concerns over the country’s political direction have failed to dampen investor confidence in its banks.

Swissport has announced a technical default on several of its senior debt facilities, after “becoming aware” that its owner, HNA, the Chinese private equity group, had pledged shares in it as collateral for another loan.

The Republic of Turkey is out with guidance for a new 30 year note, in a move that rival bankers have said is “perfectly timed". The sovereign is on track to complete all of its planned funding for the year in the first five months.

France’s investment bankers will be keen to prove their top level political connections following Emmanuel Macron's election as president, writes David Rothnie.