Banks

French electricity utility EDF sold the first hybrid corporate bond deal in the euro market for more than two months on Tuesday, as it launched a tender offer for its existing hybrids with the aim of maintaining its existing volume of outstanding bonds.

Unédic will bring a 10 year euro benchmark on Wednesday that SSA bankers are confident will avoid the fate of some of last week’s deals at that point of the curve.

Bain Capital is preparing to test whether sentiment towards French IPOs has improved post-summer, by floating Consolis, the concrete producer, on Euronext Paris.

General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week.

Santander Consumer Finance did not have to pay too much concession to take senior funding from the market on Tuesday, following on from Société Générale and Royal Bank of Scotland the day before.

Mizuho has hired Mark Currie from Deutsche Bank as head of sterling rates trading.

German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to remarket a deal it had pulled in May after setting the spread. This time the issuer priced the transaction, but it had to pay a much larger new issue premium than others have done on recent deals.

The lengthy complaint about HSBC management drafted, purportedly, by investment bankers within the firm must be taken seriously and investigated, if its new CEO John Flint wants to win the confidence of the rest of the staff and shareholders.

Aldar Properties, a real estate company based in Abu Dhabi, needed large orders from lead managers on Tuesday to get to $500m with a seven year sukuk transaction.

BNP Paribas has hired Nomura's John Bigham as a senior banker, to boost its strategic UK coverage.

Al Khalij Commercial Bank is embarking on a roadshow for a Reg S five year dollar benchmark bond.

The orderbook for Republic of Hungary’s seven year euro benchmark has blasted past €2bn and leads have tightened price guidance — a move expected by rivals as they said initial talk looked cheap.