France
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Public sector issuance could grow next year as Europe faces the double cost of strengthening security against terrorism and re-homing people fleeing war in the Middle East, adding to existing supply pressures, bankers have warned.
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Réseau de Transport d’Electricité issued a benchmark 10 year bond on Thursday that grew to €1bn, as a French-driven order book for the bond hit €3.5bn. -
BNP Paribas moved beyond its capital raising plan for 2015 on Thursday as it launched its third tier two transaction of the year, bringing it close to fair value.
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Groupe SEB, the unrated French domestic appliances manufacturer, pulled in a €2.5bn order book for a €500m no-grow bond on Wednesday.
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Société Générale launched a €500m no-grow five year green bond on Wednesday, following ING Bank’s lead yesterday and landing near flat to its regular senior curve.
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Financial institutions have begun a final push for funding as year-end approaches, with investors still looking to boost returns with higher beta purchases.
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The Republic of France may not be alone among public sector borrowers in throwing off the shackles of the European Union’s Stability and Growth Pact next year, as Europe faces the threat of terrorism and financial demands of supporting migrants fleeing war in the Middle East, according to a head of public sector DCM.
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The green bond market was home to a pair of firsts this week, as one seasoned issuer sold its first ever bond in any format at a tighter spread to US Treasuries than mid-swaps, and another made its debut in the SRI format.
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Autoroutes Paris-Rhin-Rhone, the French motorways group, stayed with the defensive tactics of its previous bond issuance on Tuesday, raising a €500m 4.3 year floating rate note.
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Amundi, Europe’s largest asset manager, made a smart stockmarket debut on Thursday, rising 3.6% in a falling market, after completing its €1.5bn IPO the previous day.
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