France
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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France became the latest European sovereign bond issuer to confront the problem of inflated orders with the sale of its second green OAT via syndication on Tuesday. But instead of bringing the spread in to price extremely tight like Italy and Spain did earlier in the year, France instead attempted to control the sale process by engaging with investors to persuade them not to put in excessive tickets in the first place. Burhan Khadbai reports.
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Crédit Agricole has sealed its third senior preferred Panda bond in the China market on a particularly challenging day that caused eight domestic deals to be postponed, amid lingering default concerns and rising government bond yields. Addison Gong reports.
