France

French agency Caisse des Dépôts et Consignations (CDC) hit screens on Monday afternoon with its second ever sustainability bond, following its debut in the format last year.

Caisse d’Amortissement de la Dette Sociale (Cades) has mandate a pair of banks to help it structure its new social bond programme.

BPCE’s seven year benchmark issued on Wednesday was subscribed more than six times and priced flat to the curve. The "overwhelming" demand caught leads off-guard and suggests eurozone issuers can now price deals with negative new issue premiums (NIPs) for deals with a restricted size.

Caisse d’Amortissement de la Dette Sociale (Cades) is setting up a social bond programme to help finance an increasing deficit in France’s social security system.

Supply and demand for senior financial institution bonds was lukewarm this week, as issuers and investors favoured higher yielding products amid healthy market conditions. FIG deal arrangers are predicting that the trend is set to continue and that issuers will favour capital trades.

Agence Française de Développement is hoping to publish a broader thematic bond framework in the next couple of months to include the issuance of social-labelled debt alongside green bonds.

French equity capital markets are having another subdued year. Just €8.77bn has been raised so far across IPOs, block trades, rights issues and convertible bonds, according to Dealogic data.

Unibail-Rodamco-Westfield (URW), one of the largest owners of shopping malls in the world, is considering a large rights issue to reduce its leverage as the retail industry grapples with the economic fallout of the global Covid-19 pandemic.

FIG market participants expect a smooth return to euro bond issuance from next week, with bankers and investors now set up to facilitate deals where ever they may be.

French banks have been among the most active issuers of covered bonds so far this year but, with the pace of mortgage origination expected to slow and deposit inflows rising, further supply is less certain with pre-funding for next year becoming an option with doubts over the longevity of the prevailing strong market conditions.

Subordinated debt transactions in dollars from a trio of European banks left no doubts about the strength of the Yankee market this week. Bookrunners are encouraging issuers to execute trades in the asset class quickly, as they are unlikely to encounter better conditions before the end of this year, writes David Freitas.

Solid financial results are encouraging Dutch insurance companies to resume dividend payments and share buyback programmes after getting the green light form the national regulator.