France

Gefco, the French logistics company owned by Russian Railways, has kicked off pre-deal investor education (PDIE) for its flotation on Euronext Paris, reopening the IPO market in Europe in 2019.

SNCF Réseau will aim to boost its volume of green bonds this year in public and private markets, after cutting short its funding last year as a result of potential French railway reforms that became a reality at the end of 2018.

BNP Paribas made a comeback to the Singapore dollar bond market to shore up its capital, bringing the year’s first Basel III-compliant tier two outing in the currency.

SNCF Réseau paid a significant new issue premium for its first benchmark green bond since 2017 on Monday. The European Investment Bank will issue its own 10 year euro bond on Tuesday, following trades in sterling and dollars earlier in the year.

Luxury cosmetics company L’Occitane has agreed to buy UK skincare brand Elemis for $900m, in what will be its biggest acquisition since it listed at the turn of the decade.

French construction and concessions group Vinci on Friday sold its first corporate bond since announcing it had agreed to acquire a majority shareholding in Gatwick airport. It was the issuer’s second public bond issue in three months after more than five years without one.

Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3%)

Rating: Aa2/AA/AA

Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline.

Crédit Agricole reached considerable size expectations and raised €1.5bn of 10 year covered bond funding on Monday. A day later Caffil raised a not insignificant €1.25bn with a well subscribed two part six and 15 year offering.

Five French financial institutions sold preferred senior bonds in the capital markets this week, as the country’s lenders helped the market to a fast start to the new year.

Rating: Baa1/BBB+/BBB+