France

Outstanding bonds issued by supermarket Casino Guichard-Perrachon, and three construction credits, Astaldi, CMC Ravenna and Aldesa, were in the spotlight this week, after dropping to their lowest price yet in September.

French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.

The deal drought in French equity capital markets may soon be over after Neoen, one of the largest renewable energy companies in Europe, filed to go public on Thursday.

Public sector borrowers were able to tighten pricing and achieve well oversubscribed books for socially responsible investment bonds on Tuesday, as investors took advantage of the flood of issuance in the sector. The momentum is likely to continue with more deals expected over the coming weeks, according to SSA bankers.

The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.

Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.

Korian, the French operator of care homes for the elderly, has raised €60m via a tap of the popular €240m perpetual hybrid convertible bond it issued in June 2017.

Société du Grand Paris mandated banks on Monday to market its debut green bond.

BPCE brought out its first social bond from a relaunched sustainability framework on Monday, with proceeds targeting local economic development. It broke the record for the size of a social or green bond issued by a European bank.

The name Covivio Hotels is new to the corporate bond markets, however the company behind the brand is not. Formerly known as Foncière des Murs, the hotel investment company sold its first bonds under its new name on Monday.

Groupama Assurance Mutuelles was marketing a new 10 year bullet tier two on Monday, with Phoenix Group Holdings hoping that market conditions will remain strong for a similar trade that it is planning to bring this week.

The French region mandated banks on Friday for its first green and social bond, which has been targeted for the long end of euro curve.