France
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With most senior bankers and investors now back from holidays, equity capital markets in EMEA have burst into life this week, with the launch of two large capital increases and a sizeable state block trade in Engie. -
Foncière des Régions, the French property company, has achieved a covered book for its €348m capital increase to finance the acquisition of a portfolio of 19 Spanish hotels through its subsidiary Foncière des Murs.
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The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.
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BPCE raised its first €1bn of senior non-preferred notes in euros on Tuesday, joining France’s three other global systemically important bank in the fledgling market.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.
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Poland may have won the race to bring the first ever sovereign green bond. But it was not the one investors were looking for — instead, France’s upcoming green benchmark will be the real milestone.
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The potential volume of green bond issues is set to reach the very top of what is possible in the bond market, as the French sovereign this week announced the start of a roadshow for its debut green bond later this month.
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The French markets regulator has opened a consultation on regulating corporate finance advisory activities – an area which, when carried by boutiques, consultancies, law firms and accountants, can sometimes avoid formal regulatory scrutiny.
