France

Sociéte Générale has created a China desk in Paris to cover Chinese corporates in France and provide services ranging from acquisition financing to capital markets.

The European Bank for Reconstruction and Development is set to test the five year part of the dollar curve — a tenor not attempted by many issuers over the last few weeks — as a French issuer opted for the tried and tested three year maturity and a German agency was able to increase a deal at that tenor from its target size.

Corporate bond investors had it well flagged to them that French dairy goods producer Danone would bring its jumbo five tranche offering this week, but it sparked excitement all the same when it arrived.

Banque Fédérative du Crédit Mutuel (BFCM) was quick to take advantage of strong conditions in the tier two market on Tuesday, following quickly behind Skandinaviska Enskilda Banken’s tightly priced trade to launch its second 10 year bullet of the year.

Crédit Agricole's rare €500m 10 year public sector Obligations Foncieres was priced at the tightest spread for a French covered bond in more than a year and it was the most highly subscribed in more than 18 months.

Valmet — Segro — Ecom — Aluminium Bahrain — Morpho

Two french firms, digital services specialist Econocom Group and research company Ipsos, have both launched Schuldscheine this week with initial sizes of €125m that can be increased.

BNP Paribas has promoted one of its rising stars, underlining a new determination at the bank to translate its supremacy in the corporate banking sector into success across all of its investment banking products, writes David Rothnie.

Rallye, the French listed holding company that controls supermarket group Casino, on Wednesday became the first issuer to use an equity-neutral structure on an exchangeable bond, rather than a convertible.

Berlin Hyp issued a €175m tap on Wednesday after it emerged that Crédit Agricole would not be proceeding with its previously announced 10 year. Meanwhile, Hypo Oberoesterreich signalled its intention to press ahead with its debut covered bond.

Despite an IPO market strewn with casualties, three of the largest European IPOs of the year are progressing through bookbuild.

French asset manager Tikehau Capital has added to its ranks by hiring a deputy managing director in a newly created position.