France
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France has not hosted a large IPO for more than two years
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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First euro covered bond long than 10 year for a year deemed ‘very successful’
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French equity capital market reopens with first block trade of the year
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Issuer keen to stick to past pattern of issuance to bring euro inclusion bond next
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Marks continuation of bumper new issues from European sovereigns
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25 year note made ‘quite a statement’ during the 'strongest January' one veteran banker has experienced
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Meanwhile, French agency adds to sterling SSA issuance
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IG corporate market sees tightening of 45bp during bookbuilding
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Disappointing inflation numbers in December question the narrative of an easy recovery for the country’s ECM
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Dexia sets sights on largest volume in two years as Bpifrance weighs greater presence in niche currencies and PPs
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French, German and Dutch banks are forecasted to print a combined benchmark volume of around €75bn, with 2024 looking like another year of positive net supply