France

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.

The European Union made a quick trip to the bond market on Tuesday morning to collect €13bn — €8bn at five years and €5bn at 25. It found itself selling into stronger market conditions than have prevailed for the past few weeks, thanks to the European Central Bank’s beefed up intervention. But despite the strong backdrop, the market is still quieter than expected.

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Inflated order books are only becoming more prevalent thanks to the European Central Bank’s increased firepower. The way to properly deal with this issue is through a collective effort from every corner of the capital markets.

France became the latest European sovereign bond issuer to confront the problem of inflated orders with the sale of its second green OAT via syndication on Tuesday. But instead of bringing the spread in to price extremely tight like Italy and Spain did earlier in the year, France instead attempted to control the sale process by engaging with investors to persuade them not to put in excessive tickets in the first place. Burhan Khadbai reports.

Crédit Agricole has sealed its third senior preferred Panda bond in the China market on a particularly challenging day that caused eight domestic deals to be postponed, amid lingering default concerns and rising government bond yields. Addison Gong reports.

Three of Neoen’s major shareholders have completed a tail swallow ahead of the French renewable energy company’s €600m rights issue, which was announced on Tuesday.

Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 15. The source for secondary trading levels is ICE Data Services.

Neoen, the French renewable energy company, launched a €600m rights issue on Tuesday to fund its investment pipeline. Sources close to the deal are confident of its success.

French electronics store Fnac Darty has completed the sale of a new €200m seven year convertible bond.

Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.