France
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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.
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Caisse des Dépôts et Consignations (CDC) sold its largest ever sterling bond on Thursday, raising £300m with a three year deal.
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The UK Debt Management Office is keeping its options open on a planned syndication for September, a deal some investors feel the sovereign should use to push its conventional curve out to 2072. Meanwhile, a French agency is bringing its first syndication in sterling for over two years.
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BPCE outplayed OP Mortgage Bank in the covered bond market on Tuesday with a €1bn 12 year that benefited from the steepness of the French curve and an eye-catching double-digit spread.
