France

France is preparing a 30 year OAT syndication, capitalising on a market that seems eager for paper that has snapped up an EFSF tap with an order book more than eight times subscribed.

Frank Drouet, who left Société Générale's global markets business in 2019 after 30 years, has landed a role at rival Crédit Agricole.

Crédit Agricole announced plans on Tuesday to market its first covered bond from its social framework in what will be a rare maturity. At the same time leads on Credito Emiliano's proposed covered bond opted to wait until the European Union prices its deal is priced before launching.

Three covered bonds issued this week from Korean Housing Finance Corp, Caffil and Oberbank were well received, but they would not have made it over the line without attractive new issue concessions.

Ahead of what is expected to be a long, dry summer in the primary covered bond market, Korean Housing Finance Corporation (KHFC) and Caffil were out on Wednesday with €1bn new issues.

Agence France Trésor (AFT), the French sovereign debt office, has hired Antoine Mannevy as a debt market operations dealer.

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

Rating: Aa2/—/AA

Unédic hit the market on Wednesday with a €2bn 15 year social benchmark, entering the market as the ripples from Tuesday's €20bn Next Generation EU bond print settled.

HSBC Asset Management is unifying its alternatives businesses, creating a single 150-strong team led by Joanna Munro, previously the firm’s global chief investment officer, in London.

Colis Privé, the French parcel delivery company, has revealed that it has received approval from France’s Autorité des Marchés Financiers to list on the Paris stock exchange. Appetite for French IPOs has been mixed in recent weeks, but sources in the country say that a growing domestic bid might be enough to carry new deals across the line.

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, June 14. The source for secondary trading levels is ICE Data Services.