France
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Agence Française de Développement on Monday mandated banks for what is set to be the first euro benchmark from a public sector borrower in nearly a month. -
MédiPôle Partenaires, the French private hospital group, has abandoned plans for an IPO after sponsor Bridgepoint decided to sell it to its competitor Elsan, owned by CVC, instead.
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Bankers have lauded a decision by the European Securities and Markets Authority this week to propose a two year delay to rules requiring smaller financial counterparties to centrally clear derivatives trades.
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French media group Vivendi braved the euro bond market on Thursday as the sole corporate to issue a primary deal, as wary investors held firm on their demand for high concessions.
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French health care group Elsan, owned by private equity firm CVC, is buying out peer MédiPôle Partenaires from Bridgepoint in an operation that will take out bond debt with loans.
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Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.
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Groupe SEB, the French maker of household appliances, issued its first convertible bond on Tuesday, raising €150m at a negative yield, as part of the financing for an acquisition.
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Crédit Agricole took advantage of a relief rally in OATs to issue a €1.5bn covered bond on Tuesday which, by virtue of its seven year tenor, offered a larger pick-up to Bunds than any other maturity.
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French banks could be free to issue tier three capital this month, as a new law establishing terms and conditions for the new asset class enters the final phase of the country’s legislative process.
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