France
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A flurry of equity-linked bond transactions were launched in France this week, including an exchangeable from Crédit Agricole into Eurazeo shares, a rare hybrid perpetual deal from Eramet, the mining company, and a similar €160m buyback by Assystem. And in Spain, Indra Systemas got cracking with its own refinancing exchangeable.
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A pair of public sector borrowers were able to sell tightly priced euro deals on Tuesday, with another two trades likely to follow on Wednesday. -
Renminbi adoption has surged in the United Arab Emirates while lagging behind in the Eurozone, according to the latest data by the Society for Worldwide Interbank Financial Telecommunication (Swift). The Chinese authorities also seem ready to increase RMB connectivity with the Middle East through a number of new initiatives.
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A French agency is set to bring a euro benchmark in the shortest tenor seen since the end of the summer, while a Dutch agency is about to sell its longest dated syndication ever in the currency.
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French non-performing loan servicing firm MCS Groupe printed its €200m five year floating rate note at 5.75% over Euribor on Wednesday. The deal received a boost in trading on Thursday as the market welcomed the Fed’s decision to hold interest rates.
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French retail group Fnac printed its €650m seven year notes at 3.25% on Thursday, below the deal's initial price range, as it won plenty of demand from domestic investors.
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Veolia Environnement became the first French issuer to tap China’s onshore debt market this month, pricing its debut Panda bond on September 1. The firm was also one of the first corporates to be allowed to repatriate funds out of China despite existing capital controls, according to its treasurer.
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Ubisoft, the French computer games publisher, raised €400m on Wednesday in a highly successful convertible bond issue that was the first capital markets deal in its stock since 2010.
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Tessi, the French payment processing firm, has allocated its €276m deal after marketing began in June.
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Bankers were split on how to calculate the premium on Crédit Agricole Assurances' tier two on Tuesday, as the issuer felt few jitters ahead of two important central bank meetings.
