France

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.

Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.

Crédit Agricole printed a Rmb1bn ($142m) three year renminbi bond in China on Wednesday. Despite being a senior preferred deal and including write-down and conversion to equity clauses, both new to onshore investors, the Panda still managed to achieve tight pricing and a well-covered book. Rebecca Feng reports.