France
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Banks and investors’ claims to be acting on climate change appear to clash with the financing they still provide in the real economy, research showed this week — such as plans to increase fossil fuel production and consumption, even in the UK and France. -
This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the end of February.
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Société Générale tapped into strong demand for 20 year tier two debt in the dollar market this week, following examples set by BNP Paribas and Crédit Agricole earlier in the year.
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BNP Paribas was nearly seven times subscribed for a long call additional tier one (AT1) this week — in its third dollar deal of the year.
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Crédit Agricole has picked banks to run a planned senior preferred Panda bond, its third outing in the format. An investor call has been scheduled for next week.
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The Spac craze that has swept US stock markets has spread to Europe with a new vehicle called Pegasus set to be listed in Amsterdam. The Spac is led by former UniCredit CEO Jean-Pierre Mustier, LVMH founder Bernard Arnault and Tikehau Capital and is expected to prompt a wave of new issuance, according to sources speaking to GlobalCapital.
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The European Investment Bank and Caisse d’Amortissement de la Dette Sociale (Cades) took centre stage in the public sector dollar market this week, ahead of the Lunar New Year, with EIB selling its first 10 year benchmark in the currency since 2015.
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The European Investment Bank became the latest SSA to hit the unusually popular 10 year dollar bucket on Tuesday, raising an impressive $4bn. The European supra was joined at five years by a jumbo trade from Caisse d’Amortissement de la Dette Sociale.
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A senior ETF manager at Invesco says it has become much harder for active funds to beat additional tier one indices, with the market having grown increasing homogenous in recent years.
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Hydrogen Refueling Solutions, a French company that designs and manufactures refuelling stations, has priced a popular IPO on the Euronext Paris exchange, the latest sign that hydrogen technology is gaining mainstream enthusiasm among green investors.
