France

Wednesday brought red back to equity traders' screens after a buoyant Tuesday, but trading action confirmed the satisfactory execution of this year’s first two substantial equity capital markets deals in Europe: the €1.03bn block trade in NN Group, the Dutch insurer, and French aerospace firm Safran’s €650m convertible.

Just as European equity capital sales made a prompt start to the year today with the €1bn NN Group block trade, the equity-linked market has also wasted no time. Safran, the French aerospace and defence company, issued a €650m convertible at what a banker claimed was a record low yield.

Caisse Francaise De Financement Local (CAFFIL) raised €1.5bn in the covered bond market on Tuesday with a two tranche public sector-backed deal. The higher yielding €500m 15 year tranche was subscribed, but the €1bn six year was not.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the financial institutions, public sector, emerging markets and corporate bond markets. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The FIG Deals of the Year 2015 winners are presented here.

Commerzbank this week became the latest bank to lose its place on a sovereign’s list of primary dealerships, raising a familiar, weary groan from SSA bankers worried about the future of the model — but the head of a major eurozone sovereign has said that issuers are on the banks’ side.

The covered bond market is likely to see more supply in 2016 than it did in 2015 even as the European Central Bank reduces covered bond purchases in favour of other asset classes, said analysts this week.

SSA issuers are readying themselves for a busy 2016 after the Fed eased the markets into a higher rates environment on Thursday.

Société Générale has appointed a new global head of infrastructure finance with nine year's experience in infrastructure project financing at the French bank.

Air Liquide’s relationship group received exclusive access to its $12bn bridge facility on Thursday, as the company resisted approaches by outsiders.

France is looking to lock in ultra-long dated funding in 2016 with its first syndication above 32 years since 2010.

A director has left Crédit Agricole in the latest of a string of departures from the French bank’s hybrid capital and liability management team.

France is expected to issue the second highest volume of covered bonds next year after Germany, but with redemptions exceeding supply, the overall size of the market will contract again in 2016. House prices are expected to stabilise next year after falling since 2011, but new loan origination will remain subdued, according to a range of predictions made by covered bond analysts.