France
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France and Germany want to restrict the options for how a common European pension plan pays out, privileging annuities over lump sums, while keeping national authorities responsible for implementing the label, according to a 'non-paper' drafted by both countries together and seen by GlobalCapital. -
France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.
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Credit Suisse has let go of a managing director in debt capital markets.
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While Tuesday brought a flurry of euro benchmarks, the pace of issuance will slacken on Wednesday as the market battens down for a busy week of US data announcements.
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The first meeting of the Central Banks’ and Supervisors’ Network for Greening the Financial System has broadened the emphasis of the group’s work from a focus on climate change to one on climate and the environment.
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US lottery and gaming group Scientific Games International sold its first euro bonds this week, in a European high yield market that bankers and investors described as ready and steady for opposite reasons.
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A trio of Europe’s less frequent public sector borrowers are set to hit screens for euro transactions on Tuesday, following a long end benchmark from a French agency on January 26.
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La Banque Postale (LBP) managed to find good demand for a 10 year covered bond on Monday even though the spread to OATs has tightened and could become problematic.
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Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
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