France
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Tobam has hired Frédéric Jamet as head of trading and co-head of research. Mr Jamet will oversee equities, fixed income, forex and assets. He will be based in Paris but will manage teams on the continent and in Dublin.
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Tobam, the Paris-based asset manager, has appointed Frédéric Jamet as head of trading and co-head of research. He had been an investment adviser at State Street for 11 years. -
Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years. However, that changed on Wednesday when French water and waste company, Suez Environnement pushed through to 15 years with a €500m trade.
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Intesa Sanpaolo and UniCredit have sold their stakes in Eramet, the French mining and metallurgy company, which they had acquired as a result of the debt restructuring of the Carlo Tassara vehicle in 2016.
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Synlab, the French clinical services provider, achieved tight pricing on Tuesday for its leveraged loan. That bodes well for a September deal pipeline that has swelled to over €5bn. But bankers cautioned small deals may still have to fight for investor attention against large offerings like Stada’s €2bn loan.
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On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017. The €1.2bn dual tranche offering was the largest of four new issues in the euro corporate bond market, all of which were rated triple-B and paid double digit new issue premiums.
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Boutique trading firm Liquidity Finance has hired Michael Wheeler and Matthew Robbins, both formerly of BNP Paribas, to start a high yield bond trading operation in London.
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A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.
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French property company Icade printed its first green bond on Monday, on a day when no other corporates ventured into the bond market. Having the full attention of investors allowed the issuer to increase the deal to €600m and price 20bp tighter than initial price thoughts.
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Agence Française de Développement stormed back into the dollar market on Thursday, printing its largest trade in the currency in six years with a comfortable oversubscription and tightened pricing. The deal put to rest AFD’s pulled dollar trade in February, said bankers.
