France
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BNP Paribas sought out German institutions for a long six year senior unsecured trade on Tuesday, reviving the concept of a “regionally targeted" bond to attract smaller accounts. -
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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Crédit Agricole was in the senior unsecured market on Thursday, drawing strong demand at the long end of the curve as syndicates remained cautious to ensure a smooth allocation process.
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The global head of infrastructure at Crédit Agricole will replace Jean-Francois Balay as global head of debt optimisation and distribution, as Balay becomes global head of risk.
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Caisse Française de Financement Local (Caffil) and Länsförsäkringar Hypotek (LF Hyp) got strong receptions for their covered bonds on Tuesday as investors had plenty of fresh money to put to work at the start of what is likely to be a relatively dry quarter.
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Eranove, an electricity and water company that operates in several west African countries, has published its document de base for a Paris IPO that will raise €200m of new capital and may also involve a secondary selldown.
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The success of the Euro private placement market is clear from its internationalisation and the growth in issuance by smaller companies, said market participants at an industry gathering on Tuesday. But in the next stage of the market’s evolution, it will have to tackle the issues that come with deals of lower credit quality.—
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Private placement specialists are starting to think about convergence between the France-based Euro PP market and Germany’s Schuldschein, according to speakers at Rencontres Euro PP, an industry gathering in Paris on Tuesday.
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Euros issuance could be focused on the shorter end of the curve in the coming months, bankers said, given the considerable risks of investing in a longer dated bond at a time at which the European Central Bank's interest rates sit at record lows.
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The City of Paris is set to follow deals from the European Stability Mechanism and SNCF Réseau last week by bringing a trade at the long end of the euro curve.
