France
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Standard & Poor’s astonished the equity-linked bond market on Wednesday evening by stripping the equity credit from Vodafone’s £2.9bn mandatory convertibles, issued in February, only a month after assigning the credit. The change knocks away one advantage of the deal for Vodafone and may damage banks’ hopes of replicating it. -
BNP Paribas took advantage of a lull in issuance this week to launch a heavily oversubscribed dollar additional tier one transaction, following in the footsteps of UBS, which reopened the market with a blowout last Monday.
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SNCF Réseau became the second SSA issuer of the week to target the long end of the euro curve, printing a €500m May 2037 on Wednesday.
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BNP Paribas took advantage of a lull in issuance this week to launch a dollar additional tier one transaction, following in the footsteps of UBS, which reopened the market with a blowout last Monday.
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Zodiac Aerospace, the French aeroplane seat maker, has sold a seven year Euro private placement to refinance an older Euro PP and the first instalment of a Schuldschein, both issued in 2013.
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The head of equity-linked bonds at Bank of America Merrill Lynch has resigned from the firm.
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Unédic and the European Stability Mechanism nipped in ahead of the Easter holiday to print euro benchmarks, in seven and 20 year tenors, respectively.
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Unédic and the European Stability Mechanism are set to price euro deals this week, taking advantage of a window before the start of the Easter holidays later this week.
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Crédit Agricole issued the biggest euro covered bond benchmark since 2007 this week, achieving a competitive cost of term funding at historically cheap rates. Apart from the ECB’s new stimulus measures which helped demand, the deal size was somewhat enlarged by the bank’s recent tender according to Nadine Fedon, CEO of Crédit Agricole Home Loan SFH.
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A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.
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