France

BPCE and Achmea Hypo managed good price and size outcomes for their covered bonds issued on Wednesday, but the fact they were less well subscribed than recent deals added to the impression that the recent good run has stalled, with spreads now ‘treading water,’ a lead manager conceded.

Crédit Agricole has appointed three senior members of its corporate and investment bank, including a new global head of global markets.

Two numbers stood out in Natixis’ fourth quarter results: the €259m loss from Asian equity derivatives, and the €249m of performance fees generated by its asset and wealth management business.

The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.

Caisse Française de Financement Local (Caffil) attracted orders worth €2.6bn from 110 investors for its debut €1bn social covered bond on Tuesday — the first from a French issuer. The deal, which was subscribed in half an hour, was priced flat to Caffil’s curve.

Volksbank Wien has mandated leads for a roadshow to market its debut covered bond and BPCE has mandated leads for the second French covered bond of the week. Meanwhile, Moody’s has assigned ratings to the covered bonds of Caja Rural de Granada, which has yet to issue its first deal.

Ramsay Générale de Santé, the French private hospitals operator, is preparing to raise €620m of equity capital to refinance bonds issued to acquire Capio in Sweden.

The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.

France increased the size of its Green OAT for the first time in 2019 on Thursday. The sovereign could follow up with a 30 year syndication as early as next week, said market participants.

With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.

France should take advantage of strong market conditions to issue its planned 30 year syndication before any potential volatility arises, according to analysts.

France will increase the size of its June 2039 Green OAT next Thursday through auction, according to the Agence France Trésor.