France
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The French government sold €753.5m of shares in Safran, the French aerospace and defence group, on Monday night, in a block trade that was 1.6 times covered. But investors hoping to benefit from a favourable European Central Bank decision on Thursday were disappointed.
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FIG bankers rejoiced this week as two markets that have been much maligned this year — insurance capital and sterling senior — showed enduring appeal just in time for a year end funding grab.
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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.
