France
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Four issuers launched covered bonds on Tuesday following the four that launched deals on Monday, doubling supply from €3bn to €6bn so far this week. By virtue of its size, Compagnie de Financement Foncier’s (CFF) €1.25bn benchmark stood out, but the level of demand was far below its previous five year even though the concession was several times larger.
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Moody’s has assigned a provisional Aaa rating to €8.6bn of class ‘A’ notes to be issued by FCT Crédit Agricole Habitat 2015, a vehicle for home loans originated by 39 regional French banks belonging to Crédit Agricole.
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BPCE, the French banking group, launched its first Australian deal since April, a tier two deal which attracted strong demand from investors.
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Deezer, the French music streaming service, opened the book for its IPO on Thursday morning, as the autumn’s busy season of flotations continues to produce successes, failures and deals that get done at weakened terms.
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A Berlin Hyp €500m five year was the success story of covered bonds issued this week from banks in the eurozone, standing out among deals that also included bonds from Caisse Francaise De Financement Local (Caffil) and Raiffeisenlandesbank Niederösterreich-Wien (RLB-NW).
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Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan. -
SNCF Réseau went to the short end of the curve in a hunt for central banks on Thursday, selling a rare €500m three year note.
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A trio of public sector borrowers ventured beyond the 10 year part of the euro curve on Wednesday — but only two were able to return with cash after one Dutch agency appeared to steal another's thunder.
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.
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Caisse Francaise De Financement Local (Caffil) has mandated leads for seven year covered bond, its fifth euro benchmark of the year. The announcement caused dealers to mark French covered bonds a little wider and suggested that, while market conditions have improved from last week, they are still a bit shaky.
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French energy project management engineering and construction company Technip has pulled back from a potential bond offering, blaming volatile markets for its decision.
