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, Crédit 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.
"Issuing clients need to
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.