France

The outcome of the Brexit referendum has cast a shadow over London’s ability to maintain its status as Europe’s foremost RMB business hub. In this lowdown, GlobalRMB pits three other European capitals – Frankfurt, Luxembourg, and Paris – against the City as the most likely contenders for Europe’s RMB crown.

Just one bank was absent from French automotives parts manufacturer Faurecia’s amend and extend deal signed June 24.

Electricité de France has named 16 banks to underwrite its €4bn rights issue, of which €3bn will be bought by the French government.

The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.

Electricité de France has named four banks to lead its €4bn rights issue, of which €3bn will be bought by the French government.

Leveraged loan investors this week showed healthy appetite for core European deals as French data processor Tessi and German jewellery maker Amor began marketing their acquisition loans.

Agence France Locale will diversify its funding sources before the end of the year by signing a Euro-commercial paper programme and printing long dated, privately placed EMTNs.

In a week when uncertainty surrounding the UK referendum on European Union membership clouded markets, Terreal, the clay tiles and bricks maker, managed to tighten pricing on a €260m refinancing loan, reflecting healthy demand for French and German deals.

Compagnie de Financement Foncier (CFF) has updated its EMTN Obligations Foncières programme documentation to permit issuance of soft bullet covered bonds, bringing its deals into line with most others. The move comes as Germany considers updating its law to allow for soft bullet extensions.

Dentressangle Initiatives is seeking €276m of loans to fund its acquisition of Tessi, the French provider of data processing services, which it also plans to delist.

Caisse Française de Financement Local (Caffil), the French public sector bank, issued its third Obligation Foncière this week but, while it set a record low coupon, it was heavily reliant on support from the Eurosystem.

Eutelsat, the French satellite operator, managed to issue a €500m no-grow five year bond on Thursday, despite the ever-fraying nerves about Brexit — though it offered a sizeable new issue premium.