France
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The London Stock Exchange has entered into exclusive talks with Euronext about selling it LCH.Clearnet SA, the LSE's French clearing subsidiary. -
The technical outlook for French covered bonds is likely to support spreads, but this could be undermined by a more precarious political backdrop as elections draw near.
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France will aim for the long end of the curve with its first ever green bond, which it plans to syndicate in 2017.
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France has carried and cared for the idea of creating an explicitly bail-inable class of senior debt for about nine months, but the birth of the new asset class this week was swift, effortless and pain-free. Success of the first two deals was critically important, as investors will become very familiar with the new product in the first quarter of 2017.
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The European Commission will focus on post trade and clearing in its review of the proposed merger between London Stock Exchange and Deutsche Börse, having narrowed its list of concerns from September. But the race is on for the exchanges to address these concerns, with less than three months until a pivotal deadline.
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Making senior debt explicitly bail-inable fundamentally changes the risk profile of the asset class. Investors must not take that shift lightly.
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UK and Irish investors took the market by surprise hoovering up over 40% of Crédit Agricole’s market opening senior non-preferred trade this week, though French accounts took the bulk of Société Générale’s follow-up deal.
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Intercontinental Exchange has obtained approval from the European Securities and Markets Authority (ESMA) for its ICE Clear US business to be recognised as a third country central counterparty under the European Markets Infrastructure Regulation (EMIR).
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US politics are the biggest potential threat to market stability in 2017, outstripping concerns over a series of European presidential and general elections, according to Philippe Noël, head of capital markets at Caisse d'Amortissement de la Dette Sociale. Noël made the comment as the French agency outlined its funding plans for 2017.
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Investors plugged another €3.5bn into the second ever senior non-preferred bond from Société Générale this week, in an early sign the market will be able to digest the large quantities expected from French banks next year.
