Natixis

The medium term note market welcomed one of the rarest of issuers on Tuesday, as the tiny country of French Polynesia sold its debut bond.

Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.

Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.

Citi is set to continue a run of highly oversubscribed 10 year bonds, announcing a self-led trade on Thursday morning. Like deals from BNP Paribas and Crédit Agricole earlier in the week, the deal has drawn a bumper book, even as the 10 year bonds from the two French banks continue to trade wide of initial levels.

BPCE is set, on Wednesday afternoon, to become the third French issuer to tap the senior market this week, opting for a five year as a change of tempo after two 10 year blowouts from French financials earlier in the week.

Natixis has recruited a new global head of cash equity, soon after the division reported strong results last week.

The senior market experienced an explosion of activity on Tuesday following a quiet opening to the week, with three issuers taking to the belly of the curve to sell euro denominated deals. The five year area of the curve is expected to see more activity later in the week, as investors abandon the short end in search of yield.

Société Générale and Natixis felt the effects of the chilling environment in fixed income trading in their first-quarter results reported this week, but financing-focused Credit Agricole shrugged off the challenge to record a 3% revenue rise to €984m in its investment bank.

Eramet, the French nickel, manganese and alloys group, returned to the bond market on Wednesday after its €400m debut in October last year, for a tap that raised €125m.

Natixis reported Q1 2014 wholesale banking revenue flat year-on-year at €727m, broadly in line with analyst estimates.

Nexity, the French property developer, has raised €171m with a Euro private placement, and bankers hope issuance will pick up, after a long dry spell.

Compagnie de Financement Foncier (CFF) came to market with its second Obligation Foncière of the year on Tuesday, matching the previous deal’s €1bn size — but this time in a 10 year maturity, rather than five year tenor.