Crédit Agricole
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The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions. -
The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.
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Oekom Research, the sustainability ratings agency, has given only 7% of the asset managers and securities brokerages it assessed a prime rating, in an unpublished report seen by GlobalCapital.
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French issuers ALD and Mercialys continued the triple-B theme of the week in the investment grade corporate bond market when the pair announced new deals on Tuesday. These followed three BBB+ rated credits on Monday.
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On Monday, the UK’s second busiest airport, Gatwick, sold its largest bond deal to date with a £300m 30 year trade. Investors were ready for the transaction after Moody’s announced its initial rating for the company the previous week.
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French property company Icade saw the announcement that the 2024 Olympic Games will be held in Paris as a positive for its portfolio in the French capital. On Monday it sold its fourth corporate bond in two years, creating a steady redemption profile beyond the date of the Games.
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The euro private placement market is seeing volumes rise to the highs reached in 2013-2015 as corporates push ahead with funding in the hope of beating European Central Bank interest rate rises expected later this year.
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Bookrunners will start marketing the financing for KKR’s buyout of Unilever’s spread business as soon as next week, with the European high yield bond and the leveraged loan market both braced for supply.
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Umicore, the Belgian materials technology and recycling group listed on Euronext Brussels, braved volatile equity markets on Thursday to raise €891.5m of new equity.
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Rail travel will be the centrepiece of the Belgian government’s green bonds, the framework for which was revealed on Thursday morning at meetings in Brussels.
