French banks and insurers tapped the European market for bonds on Monday, with the demands of investors, despite the ongoing political crisis in the country, most of the offerings were fought.
According to those familiar with the matter, the BPCSFH sold a billion 1 billion ($ 1.2 billion) covering bonds, which saw orders of more than $ 3.1 billion. Insurance firm La Mondal Sam collected a $ 500 million loan of tire 2, with a final book the size of the deal is three times higher than € 1.69 billion.
The XASA offers were more mixed, which is a sign of price sensitivity to the most dangerous notes. With a coupon of 4.125 %, its $ 750 million tire 2 bonds have demanded more than $ 1.7 billion, though the final orders in a equivalent size limited tear 1 cell have been $ 800 million.
According to separate persons familiar with the matter, lenders seized President Emmanuel Macron’s announcement of a new cabinet on Monday to complete the deal. While the pressure is pushing for the re -appointed Prime Minister Sebastian Likorno to pass the budget and avoid another government’s termination, the prices of French bank loans and government bonds were laid out.
In a note led by Matt Cairns, Rabobank’s strategies wrote, “The fact for France (and French articles) for France is not a deep political dissolution.” “The balance of power is fragile, and the clock is hitting – not only for Macron, but more widely for the French financial policy reputation.”
In the case of AXA’s RT1, this weakness has come to light when investors are worried about the spread of the so-called reset-reset-margins that have been left over the margins that have been left out of the first call option. It was one of the toughest hidden in the euro -affected RT1 market based on the Bloomberg data.
According to two persons familiar with the matter, traders have already begun to identify the price of the bond below.
RT1 deals and its additional tires in 1 bonds have been raising concerns in recent months in recent months. According to Bloomberg’s data, today’s RT1 and tire 2 deals increase the record speed of bonds sold this year.
According to another person familiar with the matter, the BPCE assurance SA – the lender’s insurance entity – has made it mandatory for the RT1 bond along with Green Terr 2. According to another person familiar with the matter, investors have been demanded this weekend with the deal.
Photo: La Defense Business District of Paris. Photo Credit: Nathan Lane/Bloomberg
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