Crédit Agricole
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Fears of a far-right win in the French presidential election have left the country’s banks in a tricky position. They need to raise large amounts of non-preferred senior bonds this year but, with spreads so volatile, any attempt to do so is likely to be fraught with risk and expensive. -
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Elis, the French bed linen and laundry company, has completed its oversubscribed €324m rights issue to finance the reduction of its leverage after buying competitors Indusal in Spain and Levebras in Brazil.
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French banks are expected to look closely at opportunities for issuance in the coming month, senior non-preferred bonds have started widening on the back of fresh election jitters in Europe, and opportunities could be limited as the French vote draws nearer.
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The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.
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Danske Bank showed enduring demand for five year covered bonds on Monday when it issued the first Danish covered bond in euros this year. In common with other deals issued in this part of the curve, the bonds quickly attracted a well oversubscribed order book.
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Crédit Agricole tapped its 20 year covered bond on Monday at a spread that was almost twice as tight compared to OATs as the original issue. The success of the tap shows that the German insurance firms that bought the increase are focused on other metrics than the cost compared to government bonds.
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The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.
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French agency Caisse des Dépôts et Consignations is set to follow its sovereign by bringing a debut green bond syndication in 2017, after hiring banks on Thursday to run a roadshow for the potential trade.
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A $1.75bn borrowing for Indian conglomerate Reliance Industries has been opened into general syndication with a 19-strong banking group at the top.
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Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.
