France
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Crédit Agricole issued the first covered bond of the week on Thursday and showed that it is possible to get a strong outcome despite a tough market, something which eluded Compagnie de Financement Foncier on Wednesday.
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Compagnie de Financement Foncier had been expected to open books for the first covered bond of the week on Wednesday but postponed the deal as market conditions deteriorated. Apart from the unfortunate timing, rival bankers said the long tenor was the wrong choice for the weak market.
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CNP Assurances has turned to the private market to print a $500m tier two, which is now the French issuer's longest outstanding debt. -
Compagnie de Financement Fonciere is expected to open books for a euro benchmark covered bond on Wednesday, which in light of market turbulence and the long 10 year tenor, may need to offer a tempting initial concession. Market conditions permitting, another issuer could brave the market with an alternative offering.
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Crédit Agricole is planning a radical restructuring of its regional bank model in what it calls an “ambitious project” to improve its capital structure.
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Crédit Agricole and Intesa Sanpaolo required big premiums to reopen the euro and dollar additional tier one (AT1) markets this week, and bankers fear others will have to follow due to poor secondary liquidity in the product.
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Compagnie Générale de Géophysique, the French geological surveying company, has launched a three-for-one rights issue to raise €350m, as it struggles with its debt burden and oil companies cutting back on exploration.
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Two sellers took advantage of a slightly upward trend in European markets on Wednesday to sell blocks of shares totalling €792m. Reassuringly to bankers, both deals got covered.
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Compagnie Générale de Géophysique, the French geological surveying company, has launched a three-for-one rights issue to raise €350m, as it struggles with its $2.5bn net debt burden as oil companies cut back on exploration.
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