France
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French property company Icade printed its first green bond on Monday, on a day when no other corporates ventured into the bond market. Having the full attention of investors allowed the issuer to increase the deal to €600m and price 20bp tighter than initial price thoughts. -
Agence Française de Développement stormed back into the dollar market on Thursday, printing its largest trade in the currency in six years with a comfortable oversubscription and tightened pricing. The deal put to rest AFD’s pulled dollar trade in February, said bankers.
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Inter-American Development Bank won a big reception on Thursday as it completed its benchmark funding for the year with a five year dollar global that rode on the coattails of a similar trade by Asian Development Bank a day earlier. Agence Française de Développement also made a triumphant return to dollars after a pulled trade in February, as it matched its largest ever deal in the currency for size.
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The French government came back to the equity block trade market on Tuesday night to sell another 4.5% chunk of its stake in Engie, the power and gas company, for €1.53bn, as part of a new €10bn asset sale programme announced in July.
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Inter-American Development Bank will on Thursday attempt a five year dollar benchmark, copying a Wednesday deal from Asian Development Bank that bankers on the trade said was the best dollar deal since the summer. Agence Française de Développement is also out with a dollar benchmark — its first since a pulled trade in February.
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Credit Mutuel CIC showed that demand for duration is still strong, as it drew €2.2bn of interest for a €1.25bn covered bond that it launched on Wednesday on the eve of the European Central Bank’s policy meeting.
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Tuesday’s £250m seven year bond issue from French oil company Total looked like a straightforward small benchmark sterling deal for a regular issuer. However, the marketing process for the deal marked a change from the normal approach and it is something investors are keen to see more of.
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Monday’s combination of heightened worries over North Korea and the Labor Day holiday in the US saw only one new issue in the European corporate bond market. However, with no new developments from the Korean peninsula overnight, five issuers decided to push ahead with trades on Tuesday.
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Groupama has said that it will call its 6.298% perpetual tier one bond at its first call date in October, having offered holders the chance to exchange the notes for a new tier two earlier this year.
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French property company Icade printed its first green bond on Monday, but no other corporates ventured into the market. Having the full attention of investors allowed the issuer to increase the deal by €100m and price it 20bp tighter than initial price thoughts.
