France
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With just over three weeks to go until Easter, the latest wave of IPOs in EMEA is progressing well. One deal was priced on Tuesday and bookbuilds have begun for two more. -
The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.
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Unédic launched a 10 year benchmark on Tuesday. The deal came in the wake of a televised debate between the French presidential candidates that appeared to restore investors’ confidence in French names, according to an SSA syndicate banker at one of the leads.
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Private equity firm Ardian has acquired a majority stake in Prosol Group, the parent company of Grand Frais, the French supermarket company.
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French utility Veolia Environnement’s €1.3bn dual tranche trade on Monday showed that power is still with corporate borrowers, despite grumbling from investors last week that spreads have been tightening too much during primary market execution.
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Buoyed by relief following a Dutch election in which Eurosceptic Geert Wilders’ hopes of forming a government were dashed, public sector borrowers are flocking back to capital markets.
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A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.
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Crédit Agricole announced a tender of up to €1.5bn of four tier one bonds, and an 'any and all' offer for two other tier ones. Analysts at BNP Paribas said the offer was below market value for one bond and an 'surprising' and 'aggressive' move.
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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.
