France
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LafargeHolcim on Tuesday became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, with order books more than three times subscribed. -
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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BC Partners Is buying Promontoria MCS Groupe, the French distressed loan firm and high yield borrower. The funding will refinance its floating rate notes with new bonds.
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The two new issues that were priced in the European corporate bond market this week have both tightened from their reoffer spreads. The success of these deals has accelerated the thinking of some issuers and two more roadshows were announced on Thursday.
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The European Financial Stability Facility on Wednesday sent a request for proposals for its deal window next week, with bankers saying that the supranational has a wide variety of options. The trade is likely to receive a big welcome in a hot euro market, as evidenced by an impressive Unédic trade on Wednesday — dubbed a “cracker” by bankers away from the deal — and equally strong euro deals a day earlier.
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Former French prime minister François Fillon will become a new partner at Tikehau Capital in September, a source told GlobalCapital on Wednesday, with a ‘full dedication’ job to increase the firm’s domestic business and international reputation.
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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.
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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.
