Crédit Agricole
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On Tuesday the Loan Market Association held its annual syndicated loans conference, where heads of loan syndications reflected on a year of gloomy headline figures — but some promising sub-headers. -
Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.
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French laundry firm Elis launched a dual tranche bond issue on Tuesday, achieving a coupon of just 1% for a high yield-rated issue, and stacking up a book of over €2bn.
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French agency SNCF Réseau steamed on to screens on Tuesday with initial pricing thoughts for a tap of its December 2047 green bond.
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Banco BPM spied a chance on Tuesday to issue a tier two bond to beef up its capital buffers. The Italian lender launched a 10 year non-call five deal at a 4.25% coupon — 37.5bp tighter than the initial price thoughts.
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Assicurazioni Generali has become the first European financial institution to launch a green tier two bond. The Italian insurer attracted €3.25bn of orders, helping it to price its €750m deal about 10bp inside fair value, according to a syndicate banker.
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Verallia, the French maker of bottles and jars, has begun bookbuilding for its €962m IPO, which will be the largest flotation in France more than two years.
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Investors stormed into the euro public sector bond market this week fired up from the announcement of a new comprehensive stimulus package by the European Central Bank last week.
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L-Bank issued the first ever floating rate note linked to €STR on Thursday, ahead of the European Central Bank’s publication of the recommended new euro risk-free rate on October 2. While it has been beaten in the race to do the first deal, the European Investment Bank has announced plans for what could be the first benchmark sized transaction in the format.
