Crédit Agricole

SSA issuers have come through a battering time in markets to print euro deals, with Austria hitting the long end of the curve and BNG also printing. But the scars are showing as KfW is demonstrating in the dollar market.

Crédit Agricole has upped its odds on being the first French bank to publicly issue a new type of sub-senior debt, dubbed ‘tier three’, to protect senior bondholders.

Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.

Royal Dutch Shell has cancelled its £10.07bn ($14.56bn) bridge loan, instead opting to pay for the cash element of its $82bn acquisition of BG Group with cash on balance sheet.

Spanish renewable energy company Abengoa has asked lenders to sign a new credit facility as its March 28 deadline to avoid bankruptcy looms ever closer, but an accord appears elusive.

Bpifrance Financement sold a five year €500m bond on Wednesday as a moderate rise in Bund yields suggested calm after a turbulent open to the week.

B&B Hotels, France’s third largest budget hotels group, closed the book for its €339m seven year term loan ‘B’ at a wide price this week, as the European leveraged loan market works through the last of the deals underwritten in 2015.

Ardmore, the operator of mid-size chemical and petroleum tanker ships, has finished a round of refinancing initiated in January.

An investor reappraisal of additional tier one paper left the asset class trading at unprecedented lows on Monday, forcing Deutsche Bank to reassure the market of its ability to pay its coupons.

ArcelorMittal bowed to the inevitable and announced a $3bn rights issue last Friday morning, after its credit spread had widened to distressed levels as global steel prices slumped. Goldman Sachs, Bank of America Merrill Lynch and Crédit Agricole are global coordinators.

Laboratoire Français du Fractionnement et des Biotechnologies (LFB), the French biopharmaceutical company, announced on Tuesday that it had raised a €124m Euro private placement, as the Euro PP market gathers pace, according to bankers.

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