Crédit Agricole
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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. -
As the perceived European political risk reduced following the results of the first round of French elections, Asian debt markets opened on Monday to a deal from India's HPCL-Mittal Energy (HMEL).
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.
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Embattled China Hongqiao Group’s banks have given it a reprieve from a credit crunch, after consenting to a covenant waiver on its $700m syndicated loan.
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A surge in demand for Russian rouble paper could have been brought to a premature end by a US missile attack on Syria on April 7, but market participants are confident that issuance will continue.
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French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.
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Invitations are out for a $500m three year borrowing for State Bank of India, which has lined up 13 lenders to lead the deal with the money funded in March.
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Crédit Agricole issued a five year senior non-preferred bond on Tuesday, attracting a robust order book and pricing flat to its curve. The deal showed investors are still “desperate to grab what they can get”, according to one FIG banker, despite increased uncertainty over the rates outlook and the outcome of French elections.
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Crédit Agricole became the largest shareholder of Abengoa on Tuesday, after Banco Santander disclosed to the Spanish financial regulator the sale of most of its holding in the engineering group.
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