France
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A new swathe of asset managers will be caught by rules on how they use benchmarks, after the European Securities and Markets Authority broadened its planned clampdown.
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SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.
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After defence stocks emerged as a winning sector after Donald Trump’s victory in the US presidential election on November 9, the French government took the opportunity on Tuesday night to sell a 1.39% stake in Safran, the French aerospace and defence group, for €365m. -
Caffil, the French public sector covered bond borrower, has issued a €500m 15 year public sector Obligations Foncieres. The attractive coupon and concession overcame concerns over the bond’s long tenor, which were heightened following further volatility in the rates market.
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The momentum in the equity block trade market since the US presidential election has continued this week, with nearly $1.4bn of issuance, as vendors rush to sell assets before the loss of US distribution for the Thanksgiving holiday on Thursday.
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The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.
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Agence Française de Développement on Monday mandated banks for what is set to be the first euro benchmark from a public sector borrower in nearly a month.
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MédiPôle Partenaires, the French private hospital group, has abandoned plans for an IPO after sponsor Bridgepoint decided to sell it to its competitor Elsan, owned by CVC, instead.
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Bankers have lauded a decision by the European Securities and Markets Authority this week to propose a two year delay to rules requiring smaller financial counterparties to centrally clear derivatives trades.
