France
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BNP Paribas launched a non-preferred senior bond in euros on Wednesday, tightening the pricing 20bp from price thoughts despite a 'softer' backdrop in financial markets. -
CNP Assurances has decided to postpone its sale of a green tier two capital bond until later this year. The French insurance company, which is restructuring, had intended to sell a security with a rare format in the bond market.
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Investors rushed to buy Credit Mutuel Arkea’s 10 year covered bond on Friday and lock in the positive yield before it disappears, probably in a matter of weeks. Strong demand was all the more remarkable given the bank’s Aa3 rating could be downgraded by three notches.
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La Banque Postale took its first step into the preferred senior bond this market, securing €750m of tightly priced senior funding in the euro market on Thursday.
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Three senior staff from Aviva Investors have left the institution to launch a private debt fund focused on impact investment at Eiffel Investment Group.
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Public equity investors lag behind private funds in owning renewable power assets and are missing an opportunity to get in early on Europe’s next big infrastructure asset class, according to Sébastien Clerc, chief executive of French independent power producer Voltalia.
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With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.
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Voltalia, the French renewable power producer, launched a €376m rights issue on Monday to finance an increase in capacity, and won a new investor — the European Bank for Reconstruction and Development. This is believed to be the first time the EBRD has bought a public equity in western Europe.
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Agence Française de Développement (AFD)’s annual borrowing programme is expected to rise sharply in the coming years as a result of increased lending to developing countries.
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Axa SFH issued its debut covered bond on Thursday, attracting a comfortably oversubscribed order book for the positive yielding eight year, which was priced at close to fair value. At the same time, Nationwide Building Society took advantage of the Swiss National Bank’s more generous repo arrangements to issue a three-part covered bond denominated in Swiss francs.
