France
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Chief executive Frédéric Oudéa warned of further turbulence as a year-on-year slump in Société Générale’s equities business drove profits at its investment bank 36.2% lower. Group profits, however, were cushioned by strong international retail banking income and the sale of shares in Visa Europe. -
BNP Paribas showed the euro market was still open with a €750m 10.5 year tier two deal on Wednesday, jumping in ahead of the introduction of ‘tier three’ to profit from strong results and receptive markets.
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French medical equipment supplier Bastide Médical has refinanced its debt with €90m of syndicated loans and a €25m Euro PP. The firm is one of a number of smaller domestic companies providing deal flow for the loan market in a period when European borrowers have been less active.
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France's Danone has completed syndication of $13.1bn of acquisition loans to fund the purchase of North American organic foods company White Wave. Only relationship banks were invited to participate.
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A strong second quarter performance in fixed income trading has bolstered BNP Paribas’ corporate and investment banking results and helped cushion falls in its equities business and domestic retail banking arm.
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A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.
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A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals.
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French residential real estate company Foncia on Monday reopened the book for a €800m loan backing its acquisition by a Partners Group-led consortium, after tightening pricing beyond guidance.
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Clydesdale Bank reopened the UK RMBS market with the first deal following the UK referendum and paid double the spread of its previous deal. GE Money Bank in France is expected to finalise its RMBS on Friday.
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The parent company of Caffil, the French public sector covered bond issuer, has finalised the first loan under its newly established export credit finance business. The Cover spoke to Caffil’s head of treasury and financial markets, Sami Gotrane, about the issuer’s prospective plans in the export finance business.
