France

A new section of the Schuldschein market is emerging, thanks to a virtuous circle. Property companies, until recently largely absent from the market, have begun to issue Schuldscheine, and these are attracting insurance companies, which rarely invest in the product because yields are too low.

BlackRock, KKR loan for ADNOC 'close to signing' — Uralkali signs as lenders prepare for EuroChem —Redexis joins Spanish trend to ESG borrowing — French Ipsen debuts in US PP market — Turkish banks close refi season, with wider secondaries

Barclays Capital was looking to issue an additional tier one bond denominated in sterling on Thursday. The deal came after Banque Fédérative du Crédit Mutuel issued a tier two instrument on Wednesday. Both took advantage of an upswing in market conditions for subordinated debt.

French pharmaceutical firm Ipsen is holding a roadshow for possible US private placement notes this week, according to market sources.

Rating: Aa2/—/AA

Société du Grand Paris (SGP) issued a 30 year bond on Thursday which extends its benchmark curve from 2034 to 2050.

France is ready to relaunch its stalled privatisation programme with the IPO of Française des Jeux (FDJ), the national lottery operator and sports betting company. Sam Kerr reports.

Two French public sector borrowers are preparing to return to the green bond market, with the latter going on a roadshow to plug its first benchmark issue since 2017.

BPCE and Swedbank attracted good demand for their sizeable 12 and six year covered bonds on Monday. Although the bonds were priced tightly, initial order book momentum was slow. The Swedish issuer did particularly well in the context of money laundering charges.

NatWest Markets and Crédit Agricole both came to the market on Monday with supply from the safest end of the capital stack. Both deals were heavily subscribed in the face of trade war tensions and uncertainty over Brexit.

Caisse des Dépôts et Consignations (CDC) will introduce its new green, social and sustainability bond framework to investors ahead of a debut euro benchmark sustainability bond.

Tikehau Capital, the French alternative investment manager, has raised €300m after a private capital raising led by Morgan Stanley.