France
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◆ French firm takes €700m with unrated deal ◆ Double digit concession needed ◆ Deal prices inside debut, but returns higher yield -
◆ Euro deal more than seven times subscribed ◆ New issue premium estimated ◆ Value versus OATs and Spanish agencies
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Édouard Sauce had been with the firm for almost a decade
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◆ Aerospace firm ends near six year euro market absence ◆ Books soar for seven year deal ◆ Trade lands close to fair value
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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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◆ Window was 'most important part of transaction' ◆ Fair value estimated ◆ Amount of spread tightening 'become more common'
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◆ French pharma prints along liquid parts of the curve ◆ Two shorter tranches land flat to fair value ◆ Danaher showed demand for high rated issuers earlier in the week
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◆ Safer credits prove popular in uncertain market ◆ Alliander sheds orders as it punches through fair value ◆ Argan ends near five year euro absence
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◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits
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◆ Sophomore sale attracts greater demand ◆ Some concession needed for larger than expected print ◆ New deal extends hybrid curve
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◆ Biggest and most popular green OAT ever ◆ Third and final syndication came earlier than in previous years ◆ Leading position in green bonds and EGB market affirmed
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◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
