France
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.
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Société Générale may have provided market participants with a glimpse into the future after becoming the first bank to issue a covered bond as a security token on a public blockchain. Development of this technology is still at an early stage and is not without its risks, but proponents believe blockchain could revolutionise the covered bond market, reducing settlement times to just a few seconds. -
Crédit Agricole has become the latest European bank to tap into strong demand for long-dated covered bonds in euros, raising €1.25bn of 15 year funding on Wednesday without paying a new issue premium to investors.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Crédit Agricole turned to the Singapore dollar market on Wednesday to sell its latest subordinated transaction, marking the French bank’s first bond sale in the currency.
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French IPOs could return before the end of the year, with two large listings being prepared for as early as the second half of 2019, according to sources.
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Société Générale has issued the first covered bond as a security token on a public blockchain last week.
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Equity capital markets bankers are in discussions with European governments about privatisations of state assets, but political upheaval has blocked several projects. Politicians are nervous of damaging headlines if they sell assets to the market.
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MUFG has relocated 21 staff to Paris, including all its European DCM origination bankers, all its sales people who cover European investors and an MTN banker.
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Société de Financement Local (SFIL) is preparing a green bond framework ahead of a debut trade for the development bank and its subsidiary, Caisse Française de Financement Local (Caffil).
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La Banque Postale saved around 2bp on pricing by going green on its latest inaugural 10 year senior non-preferred paper, reaffirming the discrepancy between supply and demand in the euro green bond market.
