France
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SNCF Réseau is set to bring its second green bond after mandating banks for a Reg S euro benchmark deal on Friday.
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BNP Paribas issued the first French senior non-preferred deal in floating rate format on Wednesday and enjoyed a strong reception in a move that could well spur compatriot banks to follow. Callable French senior non-preferred deals are, however, still some way off, said bankers.
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Spie, the French technical services provider, brought the first new leveraged buy-out financing in the euro high yield bond market for three months this week with a €600m seven year senior unsecured bond.
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Bain Capital has completed its second block trade of shares in Maisons du Monde, the French furniture retailer, since its IPO in 2016.
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Shares in Amundi, the French asset manager, closed 4% lower on Tuesday after it announced the terms for its €1.4bn rights issue to partly finance its takeover of Pioneer Investments, the asset management division of UniCredit, for €3.5bn.
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Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.
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Equity capital markets in EMEA have stepped up a gear this week, with a wave of new IPOs being announced, a handful of large block trades and the launch of a highly anticipated €8bn rights issue.
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The French government has sold the rights to new Electricité de France shares it does not want to take up as part of the company’s €4bn rights issue, though an accelerated bookbuild launched on Tuesday night.