France
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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. -
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.
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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.
