Crédit Agricole
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A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies. -
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The repricing train steams on in European leveraged loans, although several buyouts are coming down the track, offering new paper and the promise of some yield to desperate investors.
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Buoyant secondary markets are continuing to provide ideal conditions for equity sellers to trade blocks. This week has already brought notable sales in France, Finland, Sweden and Russia.
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European bond investors gave Mexico’s prospects a vote of confidence on Tuesday, placing €17.6bn of orders as state-owned oil giant Pemex raised €4.25bn of debt in the largest ever euro-denominated trade from an emerging markets issuer.
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BNP Paribas and Crédit Agricole with Kepler Cheuvreux have tonight launched the first block trade of stock in Paris residential property builder Kaufman & Broad since its re-IPO last April.
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Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received.
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A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.
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Fears of a far-right win in the French presidential election have left the country’s banks in a tricky position. They need to raise large amounts of non-preferred senior bonds this year but, with spreads so volatile, any attempt to do so is likely to be fraught with risk and expensive.
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Elis, the French bed linen and laundry company, has completed its oversubscribed €324m rights issue to finance the reduction of its leverage after buying competitors Indusal in Spain and Levebras in Brazil.
