Crédit Agricole
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Shares in Elis, the French bed linen and laundry company, fell 3% on Thursday after it set terms for its €324m rights issue to cut its leverage after buying Indusal in Spain and Lavebras in Brazil. -
Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.
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Bolloré, the French investment company, gave investment grade euro corporate bond investors their first unrated deal of the year on Wednesday, and managed to tighten its pricing by 25bp.
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Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.
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Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.
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Paper packaging maker Smurfit Kappa launched a drive by benchmark euro offering on Tuesday, as it looks to refinance existing securitisation facilities.
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Belgium hit a landmark on Tuesday, printing its biggest deal ever with a 10 year benchmark. Scoring a more modest €1bn, African Development Bank's second ever euro syndication also met with a warm reception.
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Belgium will become the third sovereign in 2017 to issue a benchmark, mandating four banks on Monday to sell a euro bond.
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Crédit Agricole has pulled out of the primary dealerships of three countries, the latest bank to scale down the number of countries in which it is active as a PD. It is unlikely to the be the last this year, according to a GlobalCapital poll of DCM heads.
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