France
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As the European high yield market showed signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Thursday sold €700m of notes to redeem a €490m unsecured bond. -
Crédit Agricole raised €3.25bn as it issued the biggest euro covered bond benchmark since 2007 on Wednesday, achieving a competitive cost of term funding at historically cheap rates.
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Banque Fédérative du Crédit Mutuel secured the third euro tier two bond this week alone on Thursday, as investors show a continued appetite for riskier bank debt in a search for greater yields.
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Three euro benchmarks surfaced on Wednesday including the first from Axa in four years, the first euro benchmark from BRFkredit and a dual tranche deal from Crédit Agricole which, by virtue of its €3.25bn size, is the most notable deal of the year so far. Despite these successes, traders fear the spread tightening run may be close to its end.
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The €150m floating rate note issued on Tuesday by Parex Group, the French construction chemicals manufacturer, has single-B ratings. However, high yield market participants said they need to see more issues before being able to draw clear conclusions about pricing for single-B issuers.
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Caisse d'Amortissement de la Dette Sociale found strong demand at the five year part of the dollar curve on Tuesday, as L-Bank delayed a deal in the same currency and tenor.
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As the European high yield market shows signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Tuesday offered €500m of notes to redeem a €490m unsecured bond.
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Parex Group, the French producer of chemicals for the building industry, began roadshowing on Monday for a €150m floating rate note, in the busiest month yet this year for the European high yield market.
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UNITe, the French renewable energy producer, has completed its first green Euro private placement. The deal will allow the company to draw the funding in instalments, a new feature for Euro PPs, though common in the US PP market.
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China’s decision to provide easier access to its bond market for foreign asset managers has not diminished the value of the renminbi qualified foreign institutional investor (RQFII) scheme, according to Matthieu Bailly, CEO at Octo Asset Management.
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After over a month with no Obligations Foncières supply, Caisse Française de Financement Local (Caffil) and Compagnie de Financement Foncier (CFF) returned to the primary covered bond market on Monday.
