France
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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. -
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.
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Compagnie de Financement Foncier (CFF) enjoyed stellar demand for its €1.25bn seven year covered bond on Monday and, despite pricing flat to its curve just a few days before the European Central Bank policy meeting and after another nuclear test from North Korea, the deal attracted extraordinary demand.
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Two Société Générale bankers have been indicted for allegedly manipulating Libor and causing $170m worth of damage to global financial markets, the American Department of Justice (DOJ) announced on Thursday.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we move away from the summer lull.
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Two holidays and September’s European Central Bank meeting will mean the next two weeks will offer short windows for issuance, but the success of the two deals that priced this week will inspire corporate bond issuers looking at the market.
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LafargeHolcim on Tuesday became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, with order books more than three times subscribed.
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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BC Partners Is buying Promontoria MCS Groupe, the French distressed loan firm and high yield borrower. The funding will refinance its floating rate notes with new bonds.
