France
-
So far this week, euro corporate bond investors have had to choose between three tranches from an individual issuer. On Wednesday, they had a choice of three issuers, with different ratings and offering different tenors. -
Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.
-
On Tuesday, Gecina, the French property company, latched onto the latest trend for issuance in the multi-tranche European corporate bond. The triple tranche €1.5bn deal will be used to refinance part of the bridge facility used by Gecina to acquire Eurosic.
-
Carmila, the retail property owner and manager owned by Carrefour, launched its capital increase today, seeking €503m of new capital, after its merger this month with Cardety.
-
French family office Caravelle has been granted exclusivity to buy Tiama, a provider of services to the glass packaging industry, from shareholders EQT Credit II, Kartesia, European Capital and Omnes.
-
French fashion group SMCP is ready to pursue a listing again, after canning its IPO plans last year in favour of a sale to China’s Shandong Ruyi Technology Group Co.
-
The final fortnight of June has been seen as the last busy window for new issuance before the summer. This week lived up to its billing with over €11bn-equivalent of new deals priced and syndicate desks see no reason for conditions to change next week.
-
Most new bond issues in Europe this week have been multi-tranche offerings, with issuers benefitting from investor appetite to buy longer tenors for greater returns. Safran, however, bucked that trend with a pair of short dated floating rate notes.
-
Market participants are clamouring for sovereigns to join France and enter the green bond market. It would likely help the market, but would it help the environment?
-
-
Calls are growing louder for sovereigns to pull their weight and assume a leading role in the development of the green bond market. But, as was demonstrated at panels in Euromoney’s Global Borrowers & Bond Investors Forum this week, many of them are reluctant to take up the SRI baton, write Lewis McLellan and Sharon Kimathi.
