Crédit Agricole

BNP Paribas was marketing senior non-preferred bonds in both euros and dollars on Tuesday, as French banks looked to prioritise issuing the new bonds in early 2017.

Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory

The Z5.14bn (€1.16bn) of loans for the leveraged buy-out of Allegro, the Polish online marketplace, have been allocated, with the leads choosing zloty rather than senior or junior euro bonds for the second lien piece.

Amundi has hired Dominique Carrel-Billiard as deputy director to the general management, a role in which he will be responsible for co-ordinating the firm's merger with Pioneer Investments.

Elysium Healthcare, the property portfolio being spun out of the Priory Group to BC Partners, has cut its sterling loan offering to £133m after reaching a ground rent agreement mid-transaction.

Four European lenders have turned down a $2bn loan for National Bank of Abu Dhabi (NBAD), while local banks are starting to return to secondary markets for the first time in a year — signs that the Middle Eastern loan market could see a different set of banks driving it in 2017. Elly Whittaker reports.

France has carried and cared for the idea of creating an explicitly bail-inable class of senior debt for about nine months, but the birth of the new asset class this week was swift, effortless and pain-free. Success of the first two deals was critically important, as investors will become very familiar with the new product in the first quarter of 2017.

Making senior debt explicitly bail-inable fundamentally changes the risk profile of the asset class. Investors must not take that shift lightly.

Rating: A1/A/A

Commitments for CVC-owned French healthcare firm Elsan were due on Thursday for its €730m acquisition term loan, after guidance was tightened twice in an ever bullish loan market as the year end drew near.

UK and Irish investors took the market by surprise hoovering up over 40% of Crédit Agricole’s market opening senior non-preferred trade this week, though French accounts took the bulk of Société Générale’s follow-up deal.

Investors plugged another €3.5bn into the second ever senior non-preferred bond from Société Générale this week, in an early sign the market will be able to digest the large quantities expected from French banks next year.