France

Crédit Agricole asked holders of its sterling additional tier one (AT1) to exchange their bonds for new notes on Thursday, which will recognise the regulatory order after Brexit and will reset the debt to pay to a rate based on Sonia rather than Libor.

French hotel landlord Convivio Hotels has launched a €250m rights issue ahead of the reopening of EU countries to foreign tourists this summer.

The SSA sterling market has enjoyed its busiest week for two months, with three borrowers coming to market. More could be set to follow if conditions remain tranquil.

CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.

Moody’s has placed Deutsche Bank on review for a ratings upgrade, praising the firm for making "swift and pronounced progress" towards its restructuring goals. The rating agency wants to determine whether the German bank can sustain a recent improvement in its earnings, which has largely been fuelled by an outperformance in its capital markets business.

A slew of SSA issuers hit screens on Monday to announce dollar benchmarks. Despite the crowded market, dollar deals — particularly at the short end of the curve — are expected to be well received.

Île-de-France Mobilités, the state-owned authority for public transport in the Île-de-France region, is set to make its first trip to the green bond market. The borrower intends to use green bonds for around 60% of its financing needs until the end of 2025.

Euronext has completed its €1.8bn rights issue to fund its takeover of the Borsa Italiana from London Stock Exchange Group. Investors oversubscribed for Euronext shares, as is permitted under French rights issue rules, and sources said they were always confident in the transaction’s success despite recent equity market turbulence.

A pair of large block trades this week showed the depth of Hong Kong’s equity capital market, with more than $3bn raised by conglomerate China Evergrande Group and European food products company Danone. Jonathan Breen reports.

Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.

French cloud computing company OVHcloud has mandated banks for its upcoming initial public offering on Euronext Paris.

Believe, the French music streaming and distribution company, is looking to grab investors in what is becoming an exceedingly binary IPO market as it launches in Paris.