Crédit Agricole

Crédit Agricole Italia marketed a dual-tranche bond with eight year and 25 year maturities. A steeper curve helped the longer tranche offer a higher pickup against the shorter bond, but investors still placed hefty orders on both tenors.

Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.

Reden Solar, a French company that constructs and manages photovoltaic power plants, has sold a green euro private placement (PP).

A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

DCM officials were encouraged to see investors piling into new non-preferred senior bank bonds on Tuesday, as BBVA, Crédit Agricole and Credit Suisse combined to reopen the market. Borrowers have been willing to offer extra spread to investors at the initial price thoughts stage.

Air France KLM has mandated banks for a five year euro bond. The appearance of an unrated issuer so early in the year is being seen as a sign of the market’s strength.

Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

Specialisation could define MTNs in 2020 as the market looks to differentiate itself from public markets where borrowers are easily executing large, cheap, liquid benchmarks. MTN dealers’ change of focus is shaking up the league tables. Frank Jackman reports

French insurance firm Scor made good use of quiet conditions in the FIG market this week, tapping a restricted tier one (RT1) bond — the first ever in dollars — for another $125m.

Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.

Germany’s Volkswagen has signed a €10bn revolving credit facility, with the automobile company taking advantage of a significant oversubscription to double the size of its existing revolver.

Crédit Agricole printed a Rmb1bn ($142m) three year renminbi bond in China on Wednesday. Despite being a senior preferred deal and including write-down and conversion to equity clauses, both new to onshore investors, the Panda still managed to achieve tight pricing and a well-covered book. Rebecca Feng reports.