France

Covered bond secondary market volumes saw a small improvement on Thursday, but with limited supply and continued central bank buying, the market is set to become more technically squeezed over summer.

Covered bonds saw a relative improvement in flows on Thursday, but with a limited supply outlook and continued central bank buying, a technical squeeze had begun to take hold. CIF Euromortgage performed well after regaining preferential regulatory treatment.

The European investment grade corporate bond market has been ticking along like a metronome this week, printing a steady deal a day. And encouragingly, big deals have returned.

GenSight Biologics, a French biotechnology firm specialising in treatments for degenerative retinal diseases and central nervous system disorders, has opened the books for its all primary IPO on Euronext Paris.

Orpea, the French retirement home provider, has completed a €276.5m Schuldschein deal just days after the UK voted to leave the European Union, with the deal closing oversubscribed despite upheaval across European financial markets.

Groupe SEB, the French kitchen appliance and coffee machine maker, has added three banks to its group in the syndicating of its bridge loan.

This week's scorecard looks at the progress French agencies have made halfway through the year.

French data processing services firm Tessi is marketing €276m of loans to fund its acquisition by Dentressangle Initiatives, as some pressures on the levloan market from EU political tensions recede.

The outcome of the Brexit referendum has cast a shadow over London’s ability to maintain its status as Europe’s foremost RMB business hub. In this lowdown, GlobalRMB pits three other European capitals – Frankfurt, Luxembourg, and Paris – against the City as the most likely contenders for Europe’s RMB crown.

Just one bank was absent from French automotives parts manufacturer Faurecia’s amend and extend deal signed June 24.

Electricité de France has named 16 banks to underwrite its €4bn rights issue, of which €3bn will be bought by the French government.

The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.