France

Several of the earliest Euro private placements (PPs) will mature in the fourth quarter of 2018 and the first few quarters of 2019. But as the pricing for those notes looks very attractive to investors, the prospects of early refinancings are limited.

The return to health of the investment grade corporate bond market has been a carefully trodden path, one step at a time. On Wednesday, French electrical components manufacturer Schneider printed a successful nine year new issue, following corporate deals with eight and seven year tenors on the previous days of the week.

While borrowers crowded into the euro market on Tuesday, investors were reluctant to commit funds only two days ahead of a hotly anticipated European Central Bank meeting.

Credit Suisse has hired Amin Ait Tayeb from Commerzbank for its DCM team.

French banks will have to comply with a countercyclical capital buffer requirement as a means of promoting financial stability amid a rapid increase in corporate debt levels.

CPPIB Capital will sell its first ever green bond this week, coming on the heels of a French region’s foray into green and sustainability bonds.

French vehicle parts supplier Valeo opened the corporate bond market alone this week when it sold a €600m seven year deal ahead of what one bank described as “the most important macro week of the year”.

SFIL followed KfW into a reopened dollar market this week with only its second ever dollar benchmark, while engaging in a bit of price discovery that leads said was “spot on”.

KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.

Top officials from global supervisory bodies furiously debated the implications of new European rules that change the oversight of foreign clearing houses, covering the role of central banks, national regulators and arrangements in crisis situations.

French reinsurance firm CCR Re is planning to carry out a debut transaction in the bond market with a restricted tier one (RT1) deal, as other insurers also see a role for the instrument in their capital structure.

Simon Gagey, the Southeast Asia head of loan syndicate and sales at BNP Paribas, will be relocating to Paris later this month, according to sources.