France
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Agence Française de Développement’s plans to change its banking license will lead to it selling more private placements, according to Bokar Cherif, the agency's head of treasury. -
The long end of euro government bond curves appear to have regained their health once more after a wobble last week when comments from European Central Bank president Mario Draghi were thought to signal that quantitative easing would end sooner than expected.
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On Monday night, the first equity block trade of the week in Europe came in the form of a sale of a 2% stake in Derichebourg, the French rubbish collection, recycling and outsourcing group that has a €1.2bn market cap, by the controlling family.
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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.
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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.
