Euro

Caisse des Dépôts et Consignations (CDC) picked a tricky week for its first euro syndication in many years but, thanks to the deal’s green aspect, the trade went off without a hitch.

Spain rode out another volatile day in eurozone government bonds to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size.

In spite of the spread between OATs and Bunds reaching a four year high, two French public sector issuers chose to come to market this week, hoping the market would be stable. It’s no longer enough for issuers to sit on their hands waiting for calm — it’s about braving possible volatility and funding when you can.

Spain is set to bring its second benchmark of the year after mandating banks on Tuesday, as the country enjoys a spell of stability compared to some of its eurozone peers and a market that appears to be calming after a volatile start to the week.

French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.

A large write-down in European private banking left HSBC nursing a heavy quarterly loss at the end of 2016, despite a strong performance in global banking and markets and trading profit that nearly doubled.

The European Financial Stability Facility (EFSF) has surprised SSA bankers by returning to the long end with one tranche of a deal it plans to launch on Tuesday.

The European Stability Mechanism’s board of governors on Monday reappointed ESM managing director Klaus Regling for a second five year term, which will start on October 8.

Guarantor: Federal Republic of Germany

A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.

Chinese digital map provider NavInfo has hit the syndicated loan market for €110m to fund its acquisition of a stake in a European target.

Chinese borrowers are itching to take advantage of cash rich investors in the offshore debt market but many have been delayed by the country’s registration process. This is leading to speculation that the National Development and Reform Commission (NDRC) is trying indirectly to control the outflow of capital. Morgan Davis reports.