France
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes this year. -
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The European Financial Stability Facility blindsided investors this week, printing €6bn of 16 year paper despite having completed its second quarter funding requirements, stretching the tolerance of its €10.8bn book in the opinion of some onlookers.
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Suez Environnement, the French water and waste company, launched a €750m capital increase this week, to partly finance its €2.55bn contribution to the takeover of GE Water, in partnership with Caisse de dépôt et placement du Québec.
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Three of France’s largest banks took advantage of extremely supportive market conditions across global currencies this week, with each of the issuers aiming to issue non-preferred senior bonds.
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The momentum in the equity block trade market this week continued on Wednesday night, despite US markets faltering due to the FBI controversy embroiling Donald Trump, with the sale of 16.5% of French home builder Kaufman & Broad by PAI Partners.
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The SSA market has played host to a series of strong deals this week and shows no signs of fatigue, as investors flock to make the most of the glut of supply.
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The European Financial Stability Facility is lining up a 16 year euro benchmark for Wednesday, following a blow-out €7bn 30 year OAT.
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Bpifrance, the French state-owned investment bank, has exited Eiffage, the construction and engineering group, after selling its remaining stake in a €428m block trade that was covered inside half an hour.
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The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election.
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The victory of Emmanuel Macron in France’s presidential election has helped unleash a wave of equity block trades this week, even though the real boost to investor sentiment came after the first round of the election on April 23.
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Société Générale sold €1bn of seven year non-preferred senior floating rate notes on Friday, in a trade that could spark a trend for longer dated FRN issuance.
