France
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NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility. -
The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.
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Air Liquide successfully traversed souring investor appetite towards French risk on Wednesday to print a €600m 10-year trade amid a fresh furor in the run up to the country’s presidential elections.
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In its bid to, as one SSA syndicate official put it, "erase the ghosts" of its last visit to the far end of the euro curve, the European Financial Stability Facility (EFSF) has spooked what had been a supportive market with its second shocker in as many attempts, writes Lewis McLellan.
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Bpifrance Financement became this week’s third French public sector issuer on Thursday, scoring €500m with a tap.
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CIF Euromortgage has completed the restructuring of its covered bond programme, to comply with recent amendments to the French covered bond law, remove RMBS from the cover pool and make its bonds comply with Capital Requirement Regulation (CRR).
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Caisse des Dépôts et Consignations (CDC) picked a tricky week for its first euro syndication in many years but, thanks to the deal’s green aspect, the trade went off without a hitch.
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In spite of the spread between OATs and Bunds reaching a four year high, two French public sector issuers chose to come to market this week, hoping the market would be stable. It’s no longer enough for issuers to sit on their hands waiting for calm — it’s about braving possible volatility and funding when you can.
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French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.
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BNP Paribas and Crédit Agricole with Kepler Cheuvreux have tonight launched the first block trade of stock in Paris residential property builder Kaufman & Broad since its re-IPO last April.
