France
-
Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports. -
Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
-
-
-
Bpifrance on Wednesday became the second euro borrower to fail this week to reach full subscription, selling a €500m deal from a book of around €425m.
-
Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.
-
Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.
-
Paris will be the new home of the European Banking Authority, the European Council announced at a press conference on Monday evening, giving the French capital two of the three European financial regulatory authorities.
-
Crédit Logement was able to sell a new tier two very quickly on Tuesday, despite the deal hitting screens at the same time as six other deals from financial institutions in the euro market.
-
Unédic has announced that it intends to sell a seven year benchmark from its unguaranteed Neu MTN programme on Tuesday, in what is likely to be the borrower’s final benchmark of the year.
-
French toll road operator Holding d'Infrastructures de Transport paid a hefty premium on Friday as it sold a dual tranche bond to help refinance its March 2018 note.
-
On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.
