France
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Société Générale targeted the 10 year part of the curve on Monday, continuing a busy month of issuance for the French bank. -
Crédit Agricole attracted strong demand for its four and 20 year two part covered bond on Friday, partly reflecting the prudent choice of tenors.
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The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.
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French construction and concessions group Vinci sold its first public benchmark corporate bond deal in more than five years on Tuesday and was overwhelmed by both the quantity and quality of its order books for the dual tranche deal.
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French car maker Renault extended its maturity profile with a new eight year deal on Thursday. The decision resulted in a deal more than three times subscribed and at a new issue premium of just 5bp.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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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.
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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.
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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.
