France
-
Three banks jumped into the euro senior market after the Easter break on Tuesday, benefitting from stable demand and printing with low new issue concessions. -
Air France-KLM has revealed plans for a €4bn recapitalisation backed by the French government following approval from the European Commission.
-
French president Emmanuel Macron announced on Wednesday that stringent lockdown measures imposed in some areas will be extended nationally for a month. Though the measures will cost France €11bn, it is unlikely to provoke a serious response in France’s bond market.
-
CNP Assurances found favourable pricing in dollars this week, when it ventured into the Reg S market for its second sale of restricted tier one (RT1) capital.
-
France's Agence Française de Développement is looking to hire a director of its treasury and capital markets department.
-
-
The head of the Portuguese treasury and debt management agency (IGCP) said she supports France’s novel approach of engaging with investors to tackle the problem of inflated orders.
-
Société Générale benefitted from calmer issuance conditions on Thursday as it sold €1bn of new tier two debt. The deal takes another chunk out of the issuer’s capital plans, which totalled a sizeable €4.5bn at the beginning of the year.
-
Unédic, the French unemployment agency, had the euro SSA primary market to itself on Wednesday, allowing it to comfortably print €3bn with its second social bond benchmark of the year.
-
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.
-
The European Union made a quick trip to the bond market on Tuesday morning to collect €13bn — €8bn at five years and €5bn at 25. It found itself selling into stronger market conditions than have prevailed for the past few weeks, thanks to the European Central Bank’s beefed up intervention. But despite the strong backdrop, the market is still quieter than expected.
-
Inflated order books are only becoming more prevalent thanks to the European Central Bank’s increased firepower. The way to properly deal with this issue is through a collective effort from every corner of the capital markets.
