France
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Bank of America Merrill Lynch will soon syndicate a €4bn bridge loan it has underwritten to back French aerospace group Safran’s acquisition of Zodiac Aerospace, the French maker of aircraft seats and interiors. The two companies want to leapfrog up the pecking order of aircraft parts suppliers. -
LionTree, the US advisory boutique and merchant bank focused on the technology, media and telecoms sector, has opened an office in Paris as it continues its European expansion.
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Bolloré, the French investment company, gave investment grade euro corporate bond investors their first unrated deal of the year on Wednesday, and managed to tighten its pricing by 25bp.
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The French issuer, Axa Bank, has launched a sub benchmark covered bond with a 15 year maturity which closely matches the long dated assets on its balance sheet. This deal is likely to be the last deal under the present structure of its covered bond programme.
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With today’s upcoming Brexit speech by the British prime minister likely to throw up more doubts about London’s future as a financial centre, Parisian financial lobby Europlace says France’s message is clear: your business, including in renminbi, is welcome.
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The African Development Bank has announced that it will come to market for its second ever euro syndication.
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Nordea Mortgage Bank (NMB) was set to issue its largest covered bond in three years with a well subscribed order book and a modest concession. At the same time, La Banque Postale returned with its now regular annual covered bond funding.
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Guarantor: issued from non-guaranteed Neu MTN programme
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Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.
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Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.
