France
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France has picked banks for a long 30 year euro benchmark, returning to the long end of the curve with a syndication for the first time since May 2017, as promised in late 2018. -
French toll road operator Autoroutes du Sud de la France found plenty of investors willing to buy the issuer’s first corporate bond sale of 2019. The demand allowed the company to tighten the spread it was offering by 22bp through the marketing process and price the deal in line with its existing curve.
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The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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Société Générale has chosen Olivier Biraud to work with a portfolio of large French companies as a relationship manager.
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Crédit Agricole provided no let-up in the disappointing performances of fixed income, currencies and commodities (FICC) desks in French banks’ fourth quarter results. By one measure it was the lender's worst quarterly result there in more than six years.
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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.
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Crédit Agricole has appointed three senior members of its corporate and investment bank, including a new global head of global markets.
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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.
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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.
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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.
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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.
