Europe

Emerging market loans bankers felt positive about the first round of French presidential election results on Monday but cautioned that they expect little immediate reaction in their sector.

The European Stability and Risk Board (ESRB) has backed calls to introduce a mechanism that will allow regional authorities to rapidly suspend clearing obligations, highlighting that the measure should only be used in “crisis periods."

The result of the first round of the French election has imbued the markets with a fresh confidence, prompting the European Financial Stability Facility (EFSF) to mandate banks for its third dual tranche trade in a row.

Rentenbank added a A$100m ($75.6m) tap to its March 2027 Australian dollar bonds on Monday, a line it has tapped frequently since opening it in September.

French issuers are still cautious about taking part in the private placement market despite centrist candidate Emmanuel Macron's topping of the first round of voting in the French presidential election on Sunday.

The corporate bond market is readying itself for a flurry of primary market trades, with risk appetite ramping up after the French presidential election first round passed without any major surprises.

Turkish privately owned bank Fibabanka well test demand for riskier Turkish debt following the country's constitutional referendum on April 16, and has named two for its debut public transaction, a tier two Basel III deal of up to $300m.

Dutch financial firm LeasePlan was able to capitalise on strong demand for floating rate products and save costs versus its fixed rate curve on Monday, having readied a new deal for the aftermath of the weekend’s vote in France.

Two Russian issuers have hit the screens this morning with deals in the belly of the curve. Mettaloinvest is out with guidance for a seven year note, while United Company Rusal (Rusal) is expected to bring a deal on Tuesday.

Delivery Hero, the German online food ordering and delivery marketplace, confirmed on Monday that it was considering an IPO after its revenue grew by 79% in 2016.

Deutsche Pfandbriefbank (Pbb) is expected to open order books for a three year Reg S dollar Pfandbrief on Tuesday. Meanwhile, Poland's PKO Hipoteczny has opened order books for zloty denominated five year.

French election anxieties dropped out of derivative markets with astonishing speed this week, as centrist pro-EU candidate Emmanuel Macron’s first round election showing set him on course for the French presidency.