France
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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.
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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.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3%)
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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.
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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.
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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.
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Rating: Baa1/BBB+/BBB+
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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.
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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.
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France’s ESI Group has signed a €40m syndicated loan, with the virtual prototyping company adding to its banking group through the deal.
