Faurecia raises €220m amid equity-linked boom
Equity-linked investors bought $2.2bn of paper from EMEA issuers last week, and with several of the deals performing only sluggishly despite a continued equity market rally, there were some fears that the market might shut as quickly as it opened. But on Monday French car parts firm Faurecia raised €220m from a new Oceane that was priced at the tight end of terms and traded up a point in the grey.
Global co-ordinator Société Générale and joint bookrunners BNP Paribas, Credit Agricole, Lazard-Natixis and SG had conducted some limited pre-sounding on Friday. That was to give reassurance that, particularly after the run of new issuance, the market would be receptive to another transaction, said one banker.
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