France

Banque Fédérative du Crédit Mutuel opened the euro tier two market for a long list of names, as bankers sit on a pipeline that some say contains more than 20 transactions.

Activity in the covered bond primary market continued at a brisk pace on Wednesday as RBC, DG Hyp, Caffil and Erste Bank priced transactions, taking the deal count this week to 10. Despite mixed receptions, issuers have been able to raise over €7bn, with over €3bn issued on Wednesday, and at levels that look attractive compared to senior unsecured financials.

After a month-long drought in the euro covered bond market, a minimum of three deals could be priced this week after Crédit Agricole leapt on improved conditions to reopen the market on Thursday.

Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.

Crédit Agricole ended a month long euro covered bond drought on Thursday, leaping on improved market conditions to print a €1.25bn six year soft bullet with a minimal new issue concession. Bankers say the deal proves there is plenty of demand and will help to relieve pressure on the pipeline which has been building up this week.

Euro benchmark covered bond year-to-date supply is the lowest in the last decade as a series of macro events, combined with banks’ increasing focus on bail-in, have kept activity to a minimum.

Société Générale’s head of EMEA structured finance and loan syndication has moved to a new job within the bank and his responsibilities have been assumed by two colleagues.

French car rental company Europcar is withdrawing its support from Team Europcar and its worldwide brand exposure. Despite this, investors remain keen on the company and its ability to retain its leadership in the European car-hire market.

Société Générale’s head of EMEA structured finance and loan syndication has moved to a new job within the bank and his responsibilities have been assumed by two colleagues.

Europe’s corporate bond market is catching its breath before an expected power dash of deals, but the loan market continues to bring deals and leveraged borrowers are gearing up for a big push on acquisitions.

Crédit Agricole’s head of long and medium term funding has moved over to the investment bank to work on capital structuring

French trucking group Norbert Dentressangle has repaid €653m of loans, after its acquisition by XPO Logistics, and will also redeem its Euro private placement (EuroPP) notes.