France

Natixis has become the first bank to introduce a green weighting factor to its internal capital model, so that the way it prices loans is skewed to favour environmentally sound assets and disadvantage polluting ones. The ground-breaking move brings to fruition an 18 month project and anticipates what some believe may one day be demanded by regulators.

Bank of America Merrill Lynch has made a pair of senior appointments within its European Union equities business in Paris.

Société Générale has reshuffled its equity capital markets team, moving multiple managing directors to new roles.

Verallia, the French maker of bottles and jars, has begun bookbuilding for its €962m IPO, which will be the largest flotation in France more than two years.

Ubisoft Entertainment, the French video games developer behind Far Cry and Assassins Creed, issued a five year €526m convertible bond, adding to the wave of issuance in Europe over the past fortnight.

The Netherlands Development Finance Company debuted the first offshore Bolivian boliviano bond last Friday. Meanwhile on Monday, French agency Caisse des Dépôts et Consignations again returned to the ultra-long end to place a pair of callable euro notes.

A group of French semiconductor maker Soitec’s senior managers have sold €98m worth of shares that vested as part of a three year stock compensation scheme that matured earlier this year.

French telecommunications company Altice France added another €1bn to its bond package, taking advantage of the historically issuer-friendly market conditions. The tranches were finalised after the European Central Bank announced a new round of stimulus, pushing down bond yields across the board.

KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

Bouygues, the French construction, telecoms and media group, has sold almost half its stake in Alstom, one of the largest manufacturers of rolling stock in the world, after the European Commission blocked a plan to merge the company with Siemens’ trains business earlier this year.

JP Morgan this week issued a €400m cash-settled exchangeable on LVMH, the French luxury goods conglomerate, in its latest synthetic outing, raising cheap funding while possibly hedging a derivatives transaction.

Caisse de Refinancement de l’Habitat, the specialist French covered bond issuer, has overcome regulatory hurdles and will issue covered bonds following a roadshow.