France
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European investors had just 12 days between corporate bond deals this August as issuers looked to take advantage of the strong issuance conditions still in effect. -
Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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Gecina, the French real estate investment trust, has raised €1bn after its M&A-driven rights issue was nearly three times covered.
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Despite the summer lull, large deals are still going through in EMEA equity capital markets, including one of the year’s larger European acquisition financings, which reached a successful conclusion on Wednesday.
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Société Générale was keen to highlight improvements in cost and risk control when reporting its earnings for the second quarter on Wednesday, but growing litigation costs and falling trading revenues cast a shadow over the group’s results announcement.
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Tikehau Capital, the French alternative asset manager, has raised €702m to accelerate its development, after its rights issue attracted substantial oversubscription by new and existing shareholders.
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Ivanhoé Cambridge, the Canadian real estate company that is the largest shareholder in Gecina, has sold 87% of its allocation of rights in the French property group's €1bn rights issue, through a block trade on Tuesday night.
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Equity capital markets in Europe are beginning to wind down for the summer break, with just a handful of live deals left.
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Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.
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The recent boom in high yield bond issuance has left traces of investor indigestion, but French data manager Infopro Digital enjoyed a warm reception for its rare loan-to-bond refinancing deal.
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The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.
