France
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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. -
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.
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Neil Walker, non-executive director of LCH’s SA and Group boards, is standing down to pursue 'executive commitments' elsewhere.
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Multilateral development banks will focus more on providing credit enhancement and support to help small, emerging market borrowers bring their green bonds to market, according to the head of climate change at the European Investment Bank. Meanwhile, a French region visited the green market on Tuesday.
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The European Stability Mechanism returned to stellar form this week, hitting the sweet spot for euro demand and exceeding its first quarter funding target. Bpifrance Financement will look to follow up the supranational’s success on Wednesday.
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Lansforsakringar Hypotek (LF Hyp) has issued its longest dated covered bond which, with a positive spread to mid-swaps, gives a slight premium to other Swedish banks but no concession to its own curve.
