France

A 12.5m share trade in Elis, the French workwear and laundry group, was covered quickly last night following a rare auctioned block won by Morgan Stanley.

Worldline, the French payments company, attracted strong investor demand for a negative-yielding €600m convertible bond due in 2026, to refinance its acquisition of a minority stake in equensWorldline, its transaction processing subsidiary.

Caisse des Dépôts et Consignations has returned to the Samurai market with what the issuer and leads said was the lowest ever coupon in the format.

A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.

Italian manufacturer Industria Macchine Automatiche (I.M.A) has raised €50m of Euro private placement notes (Euro PP).

French property company Foncière Verte has sold €85m of privately placed bonds.

Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition.

French renewable energy company Voltalia has finished its €376m rights issue after meeting with more than 100 investors on a deal roadshow, according to a source close to the transaction.

Société Générale attracted strong demand for its inaugural green Obligations de Financement de l’Habitat on Monday. The green covered bond put the French issuer at the “forefront of positive transformation” and “sets a standard”, said a spokesperson.

BNP Paribas launched a non-preferred senior bond in euros on Wednesday, tightening the pricing 20bp from price thoughts despite a 'softer' backdrop in financial markets.

CNP Assurances has decided to postpone its sale of a green tier two capital bond until later this year. The French insurance company, which is restructuring, had intended to sell a security with a rare format in the bond market.

Investors rushed to buy Credit Mutuel Arkea’s 10 year covered bond on Friday and lock in the positive yield before it disappears, probably in a matter of weeks. Strong demand was all the more remarkable given the bank’s Aa3 rating could be downgraded by three notches.