France
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Banks can look forward to regularly pricing green bonds inside their vanilla senior curves, some FIG bankers believe, after BPCE launched the latest in a succession of tight trades on Wednesday. -
Investors showed enduring appetite for insurance capital on Wednesday as Scor found more than €2bn of demand for the second French deal in as many days.
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The French government last night sold €753.5m of shares in Safran, the French aerospace and defence group, in a block trade that was 1.6 times covered.
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Havas, the French advertising and communications company, satisfied investors' taste for the unrated issuer on Tuesday, as it booked nearly three times oversubscription for its €400m bond.
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CNP Assurance secured tight pricing for its tier two offering on Tuesday, profiting from strong market sentiment to bring capital issuance from insurers back to euros.
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The French bank opened books for an eight year benchmark on Tuesday. The initial double digit spread looked generous and ensured the first covered bond to be issued in December got off to a strong start.
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The French government is this evening selling 2.64% of Safran, the French aerospace and defence group, in a competitive block trade.
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The French covered bond issuer has mandated leads for its second deal of the year and is expected to open books on Tuesday.
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SEB Germany offered the lowest ever yield for a primary covered bond when it issued a three year public sector Pfandbrief on Tuesday. But some sort of positive return was necessary, even if it was minuscule.
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The European corporate bond market let its traditional reverence for Thanksgiving lapse, printing two deals during the US public holiday on Thursday.
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Two French agencies printed euro deals with matching spreads this week though one picked the five year spot and the other seven years which negated the credit differential.
