France
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Caisse des Dépôts et Consignatios has reduced its 2018 funding target by 10%, but may not even return to the market for further issuance this year, according to a senior funding official at the agency. -
A dearth of corporate bond supply on Wednesday, due to a German public holiday, was followed by deals from airport operators in two markets on Thursday. Aéroports de Paris (AdP) opted for the domestic route, while Heathrow made its first visit to the Australian market.
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France’s Prodware has signed €92.5m of senior debt financing, as the management software consultant looks to refinance all its debt and fund growth plans.
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Banque Fédérative du Crédit Mutuel and Société Générale were both selling multi-tranche senior deals in the yen market this week, as the volume of Samurai bond issuance in 2018 surged past last year’s full year total.
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The French government sold a €1.24bn stake in Safran, the French aerospace and defence company, after the market closed on Monday night, another step in fulfilling the Macron government’s economic plans.
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Pan-European securities watchdog ESMA on Friday announced that it would renew its restrictive measures for contracts for difference (CFD) products for another three months.
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Société Générale and Abanca both offered investors additional tier one notes this week. For the French bank, it was the second deal of the week.
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Unédic has decided against a further benchmark bond this year, in a further sign of the slowly diminishing funding programme of the French state employment agency.
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Eutelsat, the French satellite operator, overcame some strong negative sentiment around its sector to increase its latest corporate bond issue. This was not the first time the company had overcome a difficult environment to get a deal done.
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French electricity utility EDF continued a busy September with the first hybrid corporate bond deal in the euro market for more than two months on Tuesday. It also sold a new senior trade in euros, following a $3.75bn triple tranche deal in the US the previous week.
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Despite a wide double digit starting spread, My Money Bank’s (MMB) inaugural covered bond was unable to get the necessary traction to build a convincing trade, and, by noon, the deal was only 80% subscribed. The deal was subsequently postponed.
