BNP Paribas

Elation in the euro markets after the first round of the French presidential election at the weekend continues to wash over the public sector bond markets, with the Province of Quebec selling its largest ever benchmark in the currency and Spain printing €5bn of inflation-linked paper.

Saka Energi Indonesia opened books for a seven year bullet on Wednesday, seeking dollars via a 144A/Reg S outing.

French food producer Labeyrie Fine Foods both widened pricing and reduced the size for its €500m term loan this week, as changeable market conditions have driven a cheapening of several primary deals in the leveraged loan market.

The European Bank for Reconstruction and Development on Tuesday equalled its largest ever size in dollars on Tuesday with a deal priced flat to or through its curve. The Asian Development Bank is set to follow in a market in which issuers are winning demand from investors starved of supply, said bankers.

The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.

Crédit Agricole attracted close to €4bn of orders for a new 10 year preferred senior bond on Tuesday, riding a tremendous rally in credit spreads following the weekend's well-received election result.

Tullow Oil, the Anglo-Irish oil and gas drilling company, finished its £625m rights issue with a small rump placement on Tuesday morning.

Politicians and regulators might say they want a safer financial system, but they want their banks globally competitive. There’s no better way to ease regulations than to play on these fears — but they’re not always grounded in fact.

French building services outsourcer Atalian started a roadshow for a €600m seven year bond offering on Tuesday, bringing total expected issuance for the week so far to over €2.3bn.

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.

The European Bank for Reconstruction and Development (EBRD) is set to bring a dollar benchmark to investors starved of supply in the currency. Despite dollar conditions being strong all month, no borrowers brought deals last week — perhaps because they preferred to wait for the first round of the French presidential election to pass on Sunday, said bankers.

Following several months of apprehension in the run-up to Sunday's first round vote in the French presidential election, French banks can now look forward to better issuance conditions and lower funding costs as they build towards their regulatory capital requirements.