France
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Havas, the French advertising and communications company, satisfied investors' taste for unrated paper on Tuesday as it gathered an almost three times oversubscribed book for its €400m bond.
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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. -
Credit default swaps referencing Havas surged out this week to their widest levels since 2013 as the borrower brought a €400m bond amid a flurry of euro deals.
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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.
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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.
