France

French shopping centre operator Carmila visited the MTN market for the first time on Monday, 18 months after it last sold a bond via syndication. Rare issuer Toyota Industries Finance International returned to private placements at the end of last week to place its second euro floating rate MTN of the year.

The holding company of the Bolloré billionaire family is planning to issue an unspecified amount of unsecured notes. Their largest investment, a 26% stake in media giant Vivendi, will be excluded from some of the covenants designed to protect the investors.

Atos, the French IT services and consulting company, has reduced its exposure to Worldline via an intricate transaction involving a share sale, an exchangeable bond and a private placement of stock. In addition to the sale of shares owned by Atos, SIX Group entered into a collar transaction to hedge its exposure in Worldline.

Demand for covered bonds issued on Wednesday by Deutsche Kreditbank (DKB) and BPCE exploded towards the final hour of book building, as the European Central Bank placed crushingly large orders for the deals. Even though the granularity of the order books was good on this occasion, the central bank’s larger than expected presence was expected to displace real investors.

The IPOs of Française des Jeux, the operator of the French national lottery, and DNEG, the UK special effects company, are both gaining strong traction among IPO investors hoping for a strong finish to 2019.

Sparebank 1 Boligkreditt (Spabol) took advantage of positive swap yields to issue a well-subscribed €1bn 10 year this week. Danmarks Skibskredit and mBank are likely to follow soon, having each mandated lead managers for covered bond roadshows.

UniCredit’s search for a more efficient corporate structure shows how an incomplete Banking Union is beginning to weigh on pan-European financial institutions.

After making its debut in the capital markets last week, France’s Action Logement Services (ALS) plans to issue bonds and private placements across various maturities under its 100% sustainable euro medium-term note (EMTN) programme.

Independent external auditors are looking into whether the European Commission has been successful in its work towards creating a capital markets union over the last five years. They are set to publish a report containing their recommendations for the project in 2020.

French car parts supplier Faurecia dipped into the bond markets again as it prepares to take over full control of its joint venture with Continental. It is adding €250m of senior notes to the €500m of 2026 notes it issued in the spring.

Sumitomo Mitsui Banking Corporation (SMBC) is expected to open order books on Tuesday for a dollar and euro covered bond. Deutsche Kreditbank will follow with its social Pfandbrief on Wednesday. Credit Mutuel Arkea will see investors with plans to issue its first public sector covered bond.

Crédit Agricole is planning to sell its first Panda bond in late November, according to two sources. It will be the maiden renminbi-denominated bond to be sold in China by a French bank and the first syndicated Panda from the European country.