France

French toll road operator APRR started its funding plans earlier than previous years when it sold a €500m nine year deal on Thursday. Its November deal was its only transaction in 2018, but even in busier years it has waited until May before getting started.

The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.

France’s ESI Group has signed a €40m syndicated loan, with the virtual prototyping company adding to its banking group through the deal.

Crédit Mutuel Arkéa and Deutsche Pfandbriefbank were the latest European banks to take advantage of this week's calmer markets to raise senior preferred debt.

French toll road operator APRR started its funding plans earlier than previous years when it sold a €500m nine year deal on Thursday. The company’s November deal was its only transaction in 2018, but even in busier years it has waited until May to get started.

Belgian private equity firm Cobepa is funding its acquisition of Scalian, the engineering consultancy, with two French investment banks.

Public sector borrowers might switch some of their attention away from a rampant euro market towards dollars, said SSA bankers, after the Inter-American Development Bank and Caisse des Dépôts et Consignations brought strong trades in the currency on Wednesday.

After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.

The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.

UniCredit has hired Audrey Sebban as head of debt capital markets, FIG and SSA for France, the bank said on Tuesday.

Euro covered bonds issued by ANZ New Zealand, Caffil and National Bank of Canada on Tuesday provided “the least worst option” in a spread widening environment, said bankers.

French telecoms operator Orange ensured the cobwebs were blown off the corporate bond market on Tuesday when it launched the first multi-tranche offering of 2019, which included the longest tenor of the year to date and the year’s first sterling corporate bonds in its four tranches.