France
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Caisse de Refinancement de l’Habitat (CRH) managed to attract demand of more than €6bn for a two part eight and 15 year transactions issue on Tuesday, while Société Générale subsequently issued a €1bn 10 year green covered bond flat to its curve with demand of €3bn. -
DBV Technologies, the French biopharmaceuticals company that specialises in treating allergies, has successfully completed a $153m growth capital raise, despite market volatility earlier in the week owing to fears over the spread of corona virus in Asia.
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French fashion house Isabel Marant made its high yield bond debut this week with a €200m dividend recap deal.
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Korean Housing Finance Corporation (KHFC) issued its first €1bn-sized covered bond on Wednesday and priced the deal inside fair value. At the same time, Société Générale issued a €1bn 10 year green covered bond flat to its curve with eye-catching demand.
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France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn.
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Caisse de Refinancement de l’Habitat (CRH) managed to attract demand of more than €6bn for its two part eight and 15 year transactions issue on Tuesday, with the bonds pricing tighter than where BPCE recently issued similar deals and with considerably more demand — despite a 22bp plunge in yields and with consistent demand from the European Central Bank.
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Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.
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Caisse de Refinancement de l’Habitat has mandated leads for eight and 15 year covered bonds, the same maturities that BPCE chose earlier this month with great success. The two deals will be eagerly watched for size of the European Central Bank's order.
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Banque Fédérative du Crédit Mutuel (BFCM) added to the sterling market's fast start to the year on Thursday, launching a new preferred senior bond in the currency and awarding investors with a small new issue premium.
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A trade in Orpéa that mixed an auctioned block trade with a wall-crossing process left equity capital markets players bristling this week. But while some bankers disliked the method of bank selection, others told Sam Kerr and Aidan Gregory that the process worked for the issuer and investors.
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BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.
