France
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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. -
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.
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Danone returned to the corporate bond market on Monday for the second time this year, with a €750m 8.5 year bond.
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Rampant demand in the convertible bond market, which has produced a run of deals at very attractive terms for issuers, brought two more borrowers into the market on Wednesday with debut deals, Total and Brenntag. But the deals’ execution suggested it might be time for a breather.
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Iliad, the unrated French telecoms company, issued a benchmark euro bond on Thursday, returning to the market after a four year absence.
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An aura of misery has hung over fixed income businesses for years. UBS slashed its business in 2012; now Deutsche, Barclays, Credit Suisse and Standard Chartered are also taking “tough decisions” about the size of their bonds businesses. So it was a pleasant surprise to see Alain Gallois, head of fixed income at Natixis, in good spirits.
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The rampant demand in the convertible bond market, which has produced a run of deals at very attractive terms for issuers, brought two more borrowers into the market today (November 25) with debut deals, Total and Brenntag. But the deals’ execution suggested it might be time for a breather.
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Crédit Mutuel-CIC (CM-CIC) and Banca Popolare di Milano (BPIM) issued 10 year covered bonds into relatively weak market conditions on Wednesday. Because of its larger size and tighter spread the French deal was probably the frailer of the two, and while both issuers met their funding targets in terms of size and spread, neither proved particularly popular.
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HSBC France followed last week’s green trades with its own €500m five year deal on Wednesday, and more banks are lining up as the sought after format continues to offer tight pricing.
