France

Bpifrance will be holding calls with investors next week to introduce its new green bond framework ahead of a debut deal in the format with the proceeds to be focused on renewable energy projects.

The French state has doubled its stake in airline Air-France KLM as part of the €1bn rights issue to recapitalise the company.

Caisse Française de Financement Local (Caffil) issued its third social covered bond on Monday at a slight premium to where its normal deals would have been expected to price.

Italian asset manager Anima Holding sold €300m of senior debt against a quiet backdrop this week, having decided to target the popular seven year tenor.

Air France-KLM has set the offer price for its €1bn capital increase following an accelerated bookbuild on Monday night.

Berlin Hyp has this week become the first financial institution to issue a sustainability-linked bond. Market participants were divided over whether the structure helped the issuer to achieve better deal terms, but the innovative trade will give other banks an important example to follow.

Nexity has returned to the equity-linked market with the sale of a new €270m seven year convertible bond.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the beginning of April.

Berlin Hyp will become the first bank to issue a sustainability-linked bond (SLB), after it announced plans on Friday for a deal with a coupon that will step up if the issuer fails reduce the carbon intensity of its loan book by 40% over the next 10 years.

Neoen, the French renewable energy company, said on Wednesday that it had received huge levels of demand for its €600m rights issue, proving that the right companies in the renewable energy sector can still attract a strong following among equity investors despite recent turbulence in green stocks.

Société Générale said on Wednesday that it was looking to sell its asset management arm Lyxor to French investor Amundi. The transaction will wrap up a three year restructuring programme, which has added up to 90bp to the bank’s capital ratios.

Compagnie de Financement Foncier took advantage of Tuesday’s strong market conditions to issue its first covered bond of 2021, and the fifth from Groupe BPCE. The €1.5bn eight year negative yielding transaction, which was larger than expected, partially refinances a series of CFF’s redemptions coming up in the next two months.