France
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor. -
Vallourec, the French tube maker that has been hit by falling capex in the oil and gas industries, began separate trading of its shares and rights on Monday, after the launch of its €480m eight-for-five rights issue last Friday.
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France is preparing its first dual tranche trade, targeting the 20 and 50 year parts of the curve, while bankers expect the European Stability Mechanism to aim for a shorter tenor this week.
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Read on to see how selected French agencies are progressing through their 2015 funding programmes.
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Crédit Agricole raised €1.5bn in senior unsecured funding on Thursday, drawing strong demand at the long end of the curve as its syndicate remained cautious to ensure a smooth allocation process.
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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.
