France
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A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone. -
Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.
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BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 17. The source for secondary trading levels is ICE Data Services.
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Société Générale was two times subscribed for a new €1.25bn preferred senior bond on Monday, showing that investors still have plenty of appetite for the lower-yielding asset class.
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Borrowers hit screens in euros from three to 50 years this week, all enjoying heavily subscribed books and pricing with skinny new issue premiums thanks to investors’ confidence in consistent support from the European Central Bank.
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Société du Grand Paris hoovered up strong demand this week to sell the longest ever public syndicated green bond. The French agency was joined by three other public sector borrowers in raising socially responsible bonds this week, including the first European city to issue a social-labelled bond.
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BNP Paribas launched a non-preferred senior bond at 73bp over mid-swaps this week, which included a small new issue concession to give room for a bit of secondary market performance for investors.
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Agence Française de Développement is looking to expand its thematic bond framework to include the issuance of social-labelled debt.
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Société du Grand Paris impressed the SSA market on Tuesday with a series of superlatives. It sold its biggest ever bond with the longest ever maturity for a syndicated green bond in any asset class. The City of Munich hit another landmark with the first social bond from a European city.
