Crédit Agricole
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Germany showed six years away from syndications had not left it rusty on Tuesday, as it aced a €2.5bn April 2046 that extended its inflation linked curve by 15 years. -
Two first time bond issuers joined the corporate pipeline on Tuesday, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market.
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Gecina, the French real estate investment trust, issued its second euro bond of 2015 on Tuesday, and had to pay a chunky new issue premium and higher yield than last time.
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Sealed Air, the US packaging company, is meeting investors in London since Tuesday to market its first euro bond, part of a refinancing of its notes due 2021.
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A first syndication from Germany since 2009 could be a reality this week — although syndicate managers on the mandate are still weighing up the health of the euro market.
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FIG issuers paid double-digit new issue concessions across the board in the dollar market this week as they were rocked by choppy market conditions.
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Extreme swings in European government bond yields rocked markets this week, but worse could be yet to come.
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Bankers are eagerly awaiting a second course of international Russian loans in June to follow Uralkali’s April starter, and this week two more borrowers emerged to whet the appetite.
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CMA CGM, the French container shipping company, has ditched the dollar tranche from its planned €715m-equivalent high yield bond issue and just raised €550m in euros.
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The French bank’s debt-focused strategy has brought success and stability. Now it is positioning itself to take advantage of a rising M&A market, writes David Rothnie.
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The Finanzagentur is set to make its first appearance in syndicated format since 2009 with a 30 year inflation linker that will extend the sovereign’s inflation linked curve.
