France
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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. -
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.
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.
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There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.
