France
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Read on to see how selected French agencies are progressing through their 2015 funding programmes.
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Covered bonds worth almost €7bn were issued this week but, by virtue of its size, oversubscription ratio and breadth of demand, Nationwide Building Society’s €1bn deal stood out.
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The IPO of Amundi, Europe’s largest asset manager, began on Monday with the launch of investor education for a deal that is likely to top €1bn.
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Oberthur Technologies Group, the digital security company fully owned by Advent International, registered its document de base on Monday, as it prepares to float in Paris. -
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.
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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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