France

The Euro private placement as an organised, visible, investment grade-like market has disappointed its founders. But despite unfavourable monetary policy, institutional corporate lending has taken hold. As Jon Hay discovers, the deals are there — but well camouflaged.

Financial institutions piled most of this week's debt supply into a busy Monday session, with BPCE, Crédit Agricole, Credit Suisse and KBC Group all launching senior deals for the minimum requirement for own funds and eligible liabilities (MREL) at the same time. All four lenders came close to fair value for their offerings.

A pair of French agencies hit screens with new SRI notes this week. On Wednesday, Caisse des Dépôts et Consignations came to market with its debut sustainable bond, the first under a new green, social and sustainable framework. And on Thursday, Régie Autonome des Transports Parisiens steamed in with its second ever green bond.

Rating: AA/Aa2

Caisse des Dépôts et Consignations (CDC) on Tuesday came to market with its debut sustainable bond, the first under its new green, social and sustainable framework.

This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.

Fiat Chrysler spent five months trying to seal a deal with Renault — and then ran out of patience in five days. Either the deal is weaker than it looks, or Fiat's John Elkann should take a deep breath, practise smiling and try again.

Umicore, a Belgian materials technology and recycling group, has sold US private placements via MUFG, according to sources. Continental European borrowers appear to be ramping up activity in the US private placement market once more, with Umicore following Brussels Airport and Ipsen.

Investors are being forced towards riskier instruments for better returns, with safer assets looking expensive.

A new section of the Schuldschein market is emerging, thanks to a virtuous circle. Property companies, until recently largely absent from the market, have begun to issue Schuldscheine, and these are attracting insurance companies, which rarely invest in the product because yields are too low.

BlackRock, KKR loan for ADNOC 'close to signing' — Uralkali signs as lenders prepare for EuroChem —Redexis joins Spanish trend to ESG borrowing — French Ipsen debuts in US PP market — Turkish banks close refi season, with wider secondaries

Barclays Capital was looking to issue an additional tier one bond denominated in sterling on Thursday. The deal came after Banque Fédérative du Crédit Mutuel issued a tier two instrument on Wednesday. Both took advantage of an upswing in market conditions for subordinated debt.