France
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Ramsay Générale de Santé, the French private hospitals operator, is preparing to raise €620m of equity capital to refinance bonds issued to acquire Capio in Sweden. -
The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.
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France increased the size of its Green OAT for the first time in 2019 on Thursday. The sovereign could follow up with a 30 year syndication as early as next week, said market participants.
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With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.
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France should take advantage of strong market conditions to issue its planned 30 year syndication before any potential volatility arises, according to analysts.
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France will increase the size of its June 2039 Green OAT next Thursday through auction, according to the Agence France Trésor.
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Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.
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Bpifrance rode a wave of booming market sentiment following a dovish US Federal Reserve meeting on Thursday to sell its joint largest ever single issue, after originally aiming for a minimum size that was just a third of the amount it ended up printing.
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Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds.
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The only large European IPO being actively marketed, the Paris flotation of logistics company Gefco, has been delayed. Banks on the deal are holding fire on a launch until they can find a better window.
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The covered bond market remained in fine fettle on Friday as Eika Boligkreditt found strong demand for the seventh 10 year of the week and Helaba issued a benchmark-sized tap of an old 10 year. At the same time BayernLB picked leads for another 10 year and Cafill mandated for its first social covered bond.
