France

Agence Française de Développement got over the line with a 16 year euro benchmark on Thursday, but was unable to tighten the spread from guidance and paid a new issue premium of around 5bp.

Société Générale has made two appointments in its corporate banking teams; one in London, one in Paris.

A pair of debut green bond borrowers made blistering entries to the market on Wednesday. Ireland added its name to the growing list of sovereign green issuers with what on-looking bankers said was a “blowout”, while Société du Grand Paris (SGP) printed at the very top of its size expectations on what was also its debut bond issue of any kind.

Agence Française de Développement mandated banks on Wednesday for a 15 year euro benchmark amid rising investor appetite in that part of the curve.

Wednesday will be debut day in the green bond market, with Ireland preparing a 12 year inaugural euro benchmark and Société du Grand Paris (SGP) out with a 10 year that will also be its first bond issue of any kind. Both must contend with a market backdrop rife with Italian politics-driven turbulence, although SGP’s deal has so far had what one lead called “one of the strongest starts I’ve seen for a French issuer”.

Bpifrance has made several appointments to its funding team, including a change of its head of funding.

NRW.Bank and Unédic drew solid results in the latest BondMarker scores, with the French agency just pipping the German issuer with its overall average.

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.

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.

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.

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.