France

UBS Group made a swift return to the dollar bond market on Tuesday, as it went in search of an additional tier one transaction a day after raising $3bn of senior unsecured debt.

Europe’s IPO pipeline is set to grow this week with new deals being launched and some live deals scheduled to open books, but banks acknowledged that execution conditions were difficult, given heightened equity market turbulence.

Volatility subsided amid a series of public holidays in Europe on Monday, raising hopes for a busier week of bank bond supply.

Large European banks shifted their funding focus to the dollar market this week, printing stunning deals as the euro market showed it was more sensitive to signs of tighter monetary policy. Tyler Davies reports.

Crédit Agricole asked holders of its sterling additional tier one (AT1) to exchange their bonds for new notes on Thursday, which will recognise the regulatory order after Brexit and will reset the debt to pay to a rate based on Sonia rather than Libor.

French hotel landlord Convivio Hotels has launched a €250m rights issue ahead of the reopening of EU countries to foreign tourists this summer.

The SSA sterling market has enjoyed its busiest week for two months, with three borrowers coming to market. More could be set to follow if conditions remain tranquil.

CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.

Moody’s has placed Deutsche Bank on review for a ratings upgrade, praising the firm for making "swift and pronounced progress" towards its restructuring goals. The rating agency wants to determine whether the German bank can sustain a recent improvement in its earnings, which has largely been fuelled by an outperformance in its capital markets business.

A slew of SSA issuers hit screens on Monday to announce dollar benchmarks. Despite the crowded market, dollar deals — particularly at the short end of the curve — are expected to be well received.

Île-de-France Mobilités, the state-owned authority for public transport in the Île-de-France region, is set to make its first trip to the green bond market. The borrower intends to use green bonds for around 60% of its financing needs until the end of 2025.

Euronext has completed its €1.8bn rights issue to fund its takeover of the Borsa Italiana from London Stock Exchange Group. Investors oversubscribed for Euronext shares, as is permitted under French rights issue rules, and sources said they were always confident in the transaction’s success despite recent equity market turbulence.