France
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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. -
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.
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Société Générale has come to the market for the fifth time this month, looking to raise additional tier one capital in dollars. Initial price thoughts were seen as closer to fair value than for other recent AT1s.
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UniCredit CIB announced six appointments in its Paris office, with Laurence Fraissinet-Dubois becoming deputy country manager, as well as a senior banker covering major French corporates, and Florent Ciecka made a senior relationship manager.
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Crédit Mutuel Arkéa was limited to raising €500m of senior funding on Thursday, in its first deal of the year.
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French certification agency Bureau Veritas had its credentials stamped by investors on Thursday when it sold its third deal in three years. The unrated issuer received €1bn of demand for its €500m long six year deal.
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Unédic drew large demand for its first 10 year euro benchmark of the year on Wednesday, allowing the issuer to considerably tighten its spread through pricing.
