France
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La Banque Postale (LBP) attracted strong demand for its 10 year covered bond issued on Wednesday and priced the deal flat to where compatriot Crédit Agricole’s 10 year was trading in the secondary market. -
HSBC has hired Rob Ritchie as co-head of global banking, UK.
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The IPO of ALD, the car leasing division of Société Générale, is covered at its maximum size including the greenshoe, ahead of the end of the bookbuild on Thursday.
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Although sentiment around the euro corporate bond market is favourable, following Emmanuel Macron’s party’s decisive results in French parliamentary elections on Sunday, only one new issue and one tap hit investors’ screens on Tuesday.
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Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.
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The scores have been counted and the results for the benchmarks sold in the week commencing May 29 are in. The week produced only a smattering of public sector trades trades, and not all were warmly received.
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Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.
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Société Générale has opened the books for the Paris flotation of ALD, its car leasing business, which if completed, will be the largest French IPO since asset manager Amundi went public in November 2015 for €1.6bn.
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Another vibrant week in the equity block trades market was capped off on Thursday night by two big trades in the France and the UK.
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The UK Debt Management Office (DMO) is keeping its options open on a planned syndication for September, as Gilt yields fell following polls showing the opposition Labour Party was gaining ground on the ruling Conservatives ahead of next week’s UK general election.
