France
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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.
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France will increase the size of its June 2039 Green OAT next Thursday through auction, according to the Agence France Trésor.
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Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.
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Bpifrance rode a wave of booming market sentiment following a dovish US Federal Reserve meeting on Thursday to sell its joint largest ever single issue, after originally aiming for a minimum size that was just a third of the amount it ended up printing.
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Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds.
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The only large European IPO being actively marketed, the Paris flotation of logistics company Gefco, has been delayed. Banks on the deal are holding fire on a launch until they can find a better window.
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The covered bond market remained in fine fettle on Friday as Eika Boligkreditt found strong demand for the seventh 10 year of the week and Helaba issued a benchmark-sized tap of an old 10 year. At the same time BayernLB picked leads for another 10 year and Cafill mandated for its first social covered bond.
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Société Générale this week issued a highly oversubscribed €1bn eight year that paved the way for follow-on French covered bonds from Credit Mutuel CIC — which attracted a €5bn order book for its two part deal — and La Banque Postale.
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French hotel company Accor launched new hybrid and senior bond issues on Thursday after announcing the deals at the end of last week. The new deals finance tender offers for some of the company’s existing hybrid and senior notes.
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French supermarket chain Auchan attracted plenty of demand for its third consecutive January new issue but it had to pay a hefty new issue premium to ensure the deal got done. The supermarket sector is one of several retail sectors priming investors for poor annual results.
