France
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French construction and concessions group Vinci sold its first public benchmark corporate bond deal in more than five years on Tuesday and was overwhelmed by both the quantity and quality of its order books for the dual tranche deal. -
French car maker Renault extended its maturity profile with a new eight year deal on Thursday. The decision resulted in a deal more than three times subscribed and at a new issue premium of just 5bp.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Outstanding bonds issued by supermarket Casino Guichard-Perrachon, and three construction credits, Astaldi, CMC Ravenna and Aldesa, were in the spotlight this week, after dropping to their lowest price yet in September.
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French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.
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The deal drought in French equity capital markets may soon be over after Neoen, one of the largest renewable energy companies in Europe, filed to go public on Thursday.
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Public sector borrowers were able to tighten pricing and achieve well oversubscribed books for socially responsible investment bonds on Tuesday, as investors took advantage of the flood of issuance in the sector. The momentum is likely to continue with more deals expected over the coming weeks, according to SSA bankers.
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The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.
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Korian, the French operator of care homes for the elderly, has raised €60m via a tap of the popular €240m perpetual hybrid convertible bond it issued in June 2017.
