Natixis

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.

The Republic of Latvia picked up a book of mid-€3bn for a €1bn 10 year bond on Thursday, pricing flat to its curve and polishing off its funding requirement for the year.

Price guidance for Latvia’s euro benchmark 10 has been tightened to 125bp over mid-swaps, in a move widely expected after a generous starting position. Two bankers away from the deal had said they expected to see tightening from the initial 135bp starting number before the Reg S note was priced later on Thursday.

A jumbo green bond bond from Region Ile-de-France this week could signal a new drive by French regional governments into the growing market for socially responsible debt, writes Nathan Collins.

CGG sold its first high yield bond in euros on Wednesday. The French geosciences business, formerly CGGVeritas, increased its deal from €360m to €400m and priced it inside guidance with a 5.875% coupon.