France
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Crédit Agricole took advantage of last week’s sharp rise in swap rates and concerns that covered bond supply may dry up to issue a tightly priced €500m 10 year on Monday. -
The leveraged loan market is set to take in one more issuer from the high yield bond market as French jewellery retailer Thom Europe looks for new term loans to redeem all of its bonds.
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The euro market showed its strength for SSA borrowers this week, as Agence Française de Développement succeeded in bringing a deal after requesting a change in its banking licence and KfW kept up its record of raising €5bn with every euro benchmark this year despite a volatile backdrop.
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French property company Gecina latched on to the latest trend for issuance in the multi-tranche European corporate bond on Tuesday, with a short dated floating rate tranche following other issuers to have done the same recently.
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Barry Callebaut, the Belgian-French chocolate company now headquartered in Switzerland, has joined the growing, but still very new, trend of companies taking out syndicated loans with margins tied to their sustainability performance.
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Bankers always expected June to be a busy month for corporate bond issuance after a quiet May and before the summer slowdown. Thursday ensured the pace of issuance was maintained with four issuers selling seven tranches.
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French media content producer Banijay is funding the acquisition of Castaway Television with its first ever bond. It has scheduled pricing for Friday, rising the tally of potential high yield bond sales above €2bn for this week.
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Korian, the French group that provides care homes for the elderly, on Wednesday became one of the very few companies to have issued a convertible bond structured to gain equity credit under IFRS.
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Three shareholders in French electronics firm Soitec pocketed €124m from an overnight equity block trade on Tuesday, which came on the heels of a 100% rally in the stock since the start of the year.
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Agence Française de Développement has passed its first capital markets test since asking for permission to change its banking licence, raising €1bn with a 15 year deal on Wednesday. The choice of tenor may have helped alleviate any immediate problems over its status switch, said a person close to the deal.
