France
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Société Générale followed BPCE into the covered bond market on Tuesday, also taking the opportunity to pre-fund ahead of what many market participants expect to be a busy start to 2019. -
BPCE returned to the covered bond market on Monday to issue a €1bn eight year deal. Although the new issue premium was modest, the slightly tricky tenor may have deterred some investors and the subscription ratio was the lowest BPCE has experienced in four years.
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A French public sector borrower has appointed HSBC as sole arranger for its Euro Medium Term Note programme, as it prepares to make its debut in the bond markets.
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French toll road operator APRR had been quiet in 2018 by its own standards, but it sold its first corporate bond deal of the year on Wednesday with a €500m long 11 year trade. It paid a low new issue premium for the deal, but lost a number of orders along the way.
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Private equity firm Antin Infrastructure Partners has signed €673m of debt facilities to back its acquisition of French energy infrastructure and services company Idex.
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The European Securities and Markets Authority (ESMA) has unveiled regulatory relief for EU counterparties that have non-cleared derivatives agreements with UK entities. The measures aim to help alleviate increased costs that may kick in due to a no-deal Brexit.
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BNP Paribas, Crédit Agricole and Société Générale are making plans for the eventuality of a hard Brexit, in some cases putting swathes of bankers at risk of redundancy. Some DCM and sales teams have been asked to move, though each bank is taking a different approach as to who will need to be relocated to comply with EU regulations.
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Goldman Sachs was left long of stock in Bureau Veritas, the certification agency, after a €400m block trade on behalf of Wendel on Monday night.
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A funding official at KfW has switched to the corporate sector.
