Crédit Agricole
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Spie, the French engineering and communications firm, has launched a €725m loan to refinance its debt structure and pay a dividend. -
Spie, the French engineering and communications firm, has launched a €725m loan to refinance its debt structure and pay a dividend.
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A French agency is set to join the European Union in tapping an outstanding euro benchmark this week, after mandating a bank for a deal late on Wednesday afternoon.
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Instituto de Crédito Oficial saved precious basis points on Tuesday, printing a short two year deal against a backdrop of falling periphery eurozone sovereign yields following some very dovish comments by European Central Bank president Mario Draghi late last week — despite some ECB officials being more hawkish since. Spain also benefitted at a bill auction the same day, while Portugal lined up an exchange offer and Italy unveiled its target for a bond auction on Thursday.
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The European Union will this week tap its most recent bond to fund more lending to Ukraine, after mandating banks for a deal on Tuesday. The mandate came as the European Stability Mechanism completed its bond business for 2014 with its second ever tap.
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Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.
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Spanish travel systems company Amadeus IT Holding priced a €400m three year bond on Tuesday. Demand was strong, with the no-grow transaction nearly six times oversubscribed.
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Italian gas distributor 2i Rete Gas issued a €540m long five year bond on Friday, to rebalance the proportion of bank loans and capital markets instruments in its debt profile.
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Thursday was a busy day for European investment grade corporate bonds, with €4.9bn issued in euros and sterling. But with a great deal of diversity of issuers, maturities and currencies, the market had more appetite for some than for others.
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Fluxys Belgium, the gas transmission system operator, priced a €250m 15 year bond on Thursday, but demand for longer dated unrated paper was so strong that the company decided to add a €100m 20 year tranche in response to reverse enquiry.
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Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.
