France
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Four covered bond issuers returned to the market on Wednesday and, in contrast to the start of the year when concessions were 5bp-7bp, none paid more than 2bp. -
The start of 2019 has been particularly quiet for equity capital markets bankers, but investors have been engaging with the only new listing in the market.
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Fearful of missing out and, in the absence of competing credit supply, investors piled into six covered bonds on Tuesday with a combined value of more than €6bn.Royal Bank of Canada’s deal epitomised the state of investor frenzy as it was able to issue the largest deal of the year with a negative new issue premium.
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New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.
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BNP Paribas has made a string of senior appointments to complete the reorganisation of its corporate and institutional bank that began at the end of last year.
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.
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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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