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European rates volatility in the second quarter and a strong dollar have hammered investors’ returns in the euro market, but sterling and dollar holdings have fared better.

Troubled Ukrainian steelmaker Metinvest failed to draw a quorum at a bondholder meeting on June 1 — part of a prolonged attempt to reprofile its debt.

With European markets in recent sessions a jigsaw puzzle where seemingly any piece can change size and shape at a moment’s notice, credit traders have noted that one pressure on credit indices — US corporate bond supply in euros — could soon abate.

Muenchener Hypothekenbank returned to covered bonds for the second time this year to fill out its curve with an eight year deal. The bond size was increased following strong demand, partly driven by the recent rise in Bund yields.

Banco Sabadell ended a month-long drought of periphery issuance on Friday by scraping through a €750m five year covered bond sale. A mooted 10 year never appeared.

XPO Logistics, the US transport logistics company, wants to issue a $2bn-equivalent four tranche bond to fund its acquisition of Norbert Dentressangle, the French trucking group.

Despite extreme volatility across European government bond markets this week, the rest of eurozone periphery bonds are moving in step with the core despite the clock ticking down on Greece’s negotiations with its creditors.

Swedish local government lender Kommuninvest has printed its first Turkish lira bond since 2011, following its re-approval of the currency for issuance.

State of North Rhine-Westphalia is open to printing private placements linked to the euro constant maturity swap rate, having seen an increase in demand for the structure over the past month.

Dutch cargo shipping company Vroon has agreed a €70m private placement with insurance firms, in what is thought to be the first euro PP deal in the sector.

Vestas Wind Systems, the Danish wind turbine maker, has refinanced a revolving credit facility it agreed last year, extending the tenor and achieving more favourable terms.

Malaysia’s Khazanah Nasional has priced the first ringgit-denominated socially responsible investment (SRI) sukuk. The product was a strong test of investor commitment to SRI goals as it uses a structure that pays less if the underlying education project is successful, writes Christina Khouri.