France
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LCH, the London based global clearing house, has signed up Amundi as the first buy-side client for its CDS clearing operation. -
SNCF Réseau on Wednesday printed at the upper end of its size expectations with its second ever green bond, while the International Finance Corporation looked at the possibility of printing in the green format over the next three months.
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Banque Fédérative du Crédit Mutuel (BFCM) shrugged off softer market conditions for a €500m no-grow tier two on Wednesday, choosing a smaller size and pulling pricing close to fair value.
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With just over three weeks to go until Easter, the latest wave of IPOs in EMEA is progressing well. One deal was priced on Tuesday and bookbuilds have begun for two more.
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The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.
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Unédic launched a 10 year benchmark on Tuesday. The deal came in the wake of a televised debate between the French presidential candidates that appeared to restore investors’ confidence in French names, according to an SSA syndicate banker at one of the leads.
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Private equity firm Ardian has acquired a majority stake in Prosol Group, the parent company of Grand Frais, the French supermarket company.
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French utility Veolia Environnement’s €1.3bn dual tranche trade on Monday showed that power is still with corporate borrowers, despite grumbling from investors last week that spreads have been tightening too much during primary market execution.
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Buoyed by relief following a Dutch election in which Eurosceptic Geert Wilders’ hopes of forming a government were dashed, public sector borrowers are flocking back to capital markets.
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A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.
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Crédit Agricole announced a tender of up to €1.5bn of four tier one bonds, and an 'any and all' offer for two other tier ones. Analysts at BNP Paribas said the offer was below market value for one bond and an 'surprising' and 'aggressive' move.
