Europe

Issuers both land big books as market quickly shrugs off French election volatility

More issuers, possibly including French SSAs, are geared up to tap primary this week

Silfin also lines up a deal as French politics opens primary market wide

◆ Market takes surprise election results in stride ◆ Insurance companies leading with plans to raise deeply subordinated debt ◆ Bank capital and senior deals in euros and dollars also on the cards

◆ MPS to launch a new covered format ◆ Infrequent and higher yielding issuer suggests market is 'stable and open' after French elections ◆ A 'few other' covereds are in the pipeline

The energy firm hopes to issue new vanilla bonds in the near future

UK bank spreads calm and Gilt yields stable but all eyes turn to less predictable French elections

European IPOs on pause as France votes, and September window is extremely narrow

As Bastille Day — and the start of what is often a lull in capital markets — approaches, the fate of billions of euros of FIG and corporate bonds lies at the whim of UK and France voters

Market awaits EU’s lead once election volatility subsides

◆ Rapid bookbuild ◆ Investors ‘don’t care’ as issuer pays negligible concession ◆ Tenor maximises Bund spread

Spread pressure will rise as earnings return to growth for the first time in five quarters