France
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Companies are continuing to use windows for corporate bond issuance ahead of Sunday’s Italian referendum, as three borrowers hit the euro bond market on Tuesday. -
Société Générale has promoted two senior equity capital markets bankers.
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Compagnie de Financement Foncier’s deputy CEO Olivier Avis, and head of long term funding Paul Dudouit, speak to GlobalCapital about the bank’s funding, the end of the ECB's purchases — and how it has issued some of the longest deals ever seen in covered bonds.
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The busy equity block trade action, widely predicted by ECM bankers when the US presidential election produced a bounce in share prices, has continued this week with a string of sales totalling over $1.5bn.
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One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.
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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.
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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.
