France
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The European Central Bank's asset purchase programme allowed some issuers to grab cheap funding this week but uncertainty surrounding the freshly launched corporate programme was less helpful for one French issuer. -
Île-de-France was able to tighten pricing on a green bond by 5bp from initial thoughts while still overshooting its target size this week. Bankers away from the deal said it was more a sign of the maturity of the green bond market than about any one issuer or bond.
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Amid a hail of equity capital markets deals on Thursday evening, Airbus launched a €2.1bn sale of all its remaining shares in Dassault Aviation, using a €1bn exchangeable bond and block trade of about €800m. That came after Valeo had sold a $450m equity-neutral convertible earlier in the day, and as two other block trades were in the market.
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Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.
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Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.
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Île-de-France was able to tighten pricing by 5bp from initial price thoughts for its fourth foray into the green bond market and still managed to increase the deal from its initial target size.
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The 10 year Bund yield hit a record intraday low on Tuesday, as a German region increased a deal size and a French agency lined up an unconventional eight year deal.
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Île-de-France will open books for its fourth green bond on Tuesday morning, in spite of troubling US jobs data.
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Four banks have undewritten a bridge facility to support Groupe SEB's acquisition of WMF Group and the company is understood to be considering a small syndication of the facility.
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French textiles and apparel manufacturer Chargeurs has agreed its debut Euro PP — a €25m seven year deal — as well as a €32m bank facility.
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French car hire firm Europcar Group on Tuesday sold a €125m tap of its 2022 bond in a high yield market that is longing for more single-B issuance.
