France
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long. -
Credit Mutual-CIC Home Loan SFH has been quick to seize the opportunity identified following Société Générale's blow-out covered bond reception on Monday and has mandated leads for a follow-on dual tranche deal.
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A €5bn wall of demand chased a trio covered bonds issued on Monday by Société Générale, PKO Bank Hipoteczny and Deutsche Pfandbriefbank and showed that, after a shaky start to 2019, the market has now found form.
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Agence Française de Développement (AFD) this week sold its largest ever benchmark as it tackled an increased funding programme that will grow further in the next few years. That means the issuer will look to bring big trades again — as well as potentially growing its presence in the privately placed MTN market.
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Although the public covered bond market was quiet over the second half of this week, several issuers have been busy working on private placements in the year so far. These deals have been driven by reverse enquiry from insurance firms looking for safe, ultra-long dated investments that meet return targets.
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The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week.
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A year on from selling its first green hybrid bond, French energy company Engie returned to sell another with a slightly longer call date. Demand for the product has remained strong, but the difference in coupons showed how pricing has changed despite the borrower paying virtually no premium over the company’s secondary bonds.
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The super-hot dollar bond market is set to welcome a pair of SSAs on Thursday — including a rare name in the currency — after a mid-week lull in issuance.
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Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.
