Germany

Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.

Deutsche Bank’s cost cutting and capital raising efforts are starting to pay off, with the bank dragging itself to profitability in the first quarter after full-year losses of €1.4bn in 2016. However, net revenues were down €800m year on year, and the shares dipped after the announcement on Thursday.

UniCredit subsidiary, HVB, issued a tightly priced euro Pfandbrief at the long end of the curve on Tuesday, while Deutsche Pfandbriefbank (Pbb) issued at the short end in dollars but paid up for the privilege compared to what it would have cost in euros.

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.

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.

The first German building society is poised to enter the Pfandbrief business, two Canadian banks have substantially increased the size of their covered bond programmes and prospective downgrades of NordLB’s covered bonds may not necessarily lead to a spread widening said analysts at Commerzbank, UniCredit and Citi this week.

KfW tapped a four year Australian dollar bond on Thursday, after raising €5bn in the euro market the day before.

KfW

Deutsche Bank has launched separate exchange and tender offers on its $4.5bn 4.25% 2021 bonds in a bid to maximise the amount of total loss absorbing capacity eligible (TLAC) senior debt it has outstanding.

The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.

The first round of the French presidential election takes place this Sunday and, while the market is mostly quiet, Derek Halpenny, head of global markets research at MUFG, says that market participants have not priced in much risk of a shock anti-EU result.