France

Credit Mutuel Home Loan SFH (CM-CIC) completed a busy week in the euro covered bond market with a €1.25bn 10 year offering on Thursday. The deal emerged amid growing concern that euro covered bond supply will fall, as borrowers like SCBC, Danske Bank and Nordea turn to local currency markets, while others see better alternative funding opportunities, or simply bide their time.

Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.

ABN Amro made its first ever sale of non-preferred senior debt on Wednesday, as European banks give investors plenty of opportunities in add exposure in the asset class at the beginning of 2020.

Reden Solar, a French company that constructs and manages photovoltaic power plants, has sold a green euro private placement (PP).

In this round-up, state buyers are set to bail out Shandong-based Hengfeng Bank, the renminbi’s international usage rebounded in November after a slight drop in October, and Sumitomo Mitsui Financial Group’s securities brokerage affiliate plans to set up a wholly-owned China unit.

French water and waste management and energy services company, Veolia Environnement, bagged Rmb1.5bn ($215m) from a private placement Panda bond issuance last Friday.

The Swiss franc bond market has been able to withstand — just — the destructive forces of negative rates and yields and is looking forward to a new year in which green structures are set to blossom. Philip Moore reports

Specialisation could define MTNs in 2020 as the market looks to differentiate itself from public markets where borrowers are easily executing large, cheap, liquid benchmarks. MTN dealers’ change of focus is shaking up the league tables. Frank Jackman reports

Banks and insurance companies are finally straining to turn capital markets greener. With many having realised there are savings to be had in issuing green senior bonds, the idea of them embracing sustainable capital instruments seems to be just around the corner. David Freitas reports

French insurance firm Scor made good use of quiet conditions in the FIG market this week, tapping a restricted tier one (RT1) bond — the first ever in dollars — for another $125m.

French company Veolia Environnement is set to return to the Panda bond market after more than a year away. It has mandated banks for its third outing in China’s debt market.

Morgan Stanley has been fined €20m by the Autorité des Marchés Financiers (AMF) for manipulation of French and Belgian government bond prices. The bank intends to appeal the fine.