BNP Paribas

French media group Lagardère has refinanced a €1.25bn credit facility and replaced one of its relationship banks.

The pipeline for corporate bonds is swelling rapidly, with three issuers mandating for European roadshows on Tuesday, including two from the eurozone’s periphery.

Cofinimmo, the Belgian property company, has made a return to equity capital markets after a two year hiatus, raising €285.4m ($320m) via a one-for-six rights issue.

J Sainsbury, the UK supermarket chain, has refinanced a trolley of loans, removing covenants and securing the loans on its properties, after announcing its worst earnings for a decade last week.

Valeo Foods, the Irish food producer, has launched a €595m loan that includes a second lien tranche, to refinance debt and fund an add-on acquisition.

Indonesian tower company Solusi Tunas Pratama’s latest borrowing has received $185m in commitments. The deal, which will refinance what is left of a bridge it sealed with five banks in December last year, is due to close imminently.

Three banks have sent out invitations for a $300m four year facility for Indian mortgage lender Housing Development Finance Corp. The loan, which was prefunded by the leads, is offering a yield of below 130bp in general syndication.

Swiss cement maker Holcim is in a stand-off with its relationship banks over whether it can receive negative interest payments on its Swiss franc revolving credit facility, amid deeply negative interest rates, writes Elly Whittaker.

As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were sold on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.

As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were sold on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.

Eircom, the Irish telecoms company, held an investor call on Tuesday for a €2bn amend-and-extend process on its loans that will bring documentation into line with market standards.

Colgate-Palmolive took advantage of strong demand for floating rate notes on Thursday to price a €500m four year FRN, arguably inside where it could have issued a fixed rate bond.