Natixis
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BPCE and HSBC paid a small concession to access the sterling senior market this week, but both were happy to do so. The French firm targeted diversification, while HSBC went for size. -
Sustainability-linked bonds with variable coupons are winning wide acceptance among investors, according to a survey by Natixis of 40 investment managers with $20tr of assets between them. Investors think they could be used by issuers of all kinds, want to see robust standards, and are open to structural innovations.
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Fnac Darty, the French electronics retailer, has amended and extended its main bank credit lines, shortly after issuing its debut convertible bond as an independent company.
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There has been no let up in the pace of euro issuance from banks this week, with BBVA and Hypo Noe diving into another full market on Tuesday following a busy but 'comfortable' session on Monday.
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BPCE returned to the public sterling market after a year away this week to issue the first offshore financial bond in about a fortnight.
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The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
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Hannover Re was able to price a new tier two through fair value on Monday, with analysts expecting the issuer to use its new bond to fund growth opportunities.
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A pair of French agencies hit the market on Wednesday, pulling off impressive deals ahead of the European Central Bank meeting on Thursday, where investors hope to hear promises of increased support.
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Enel, the Italian energy company, has signed a €10bn sustainability-linked revolving credit facility, taking the title for the largest such deal that was held by Anheuser-Busch InBev for less than a month.
