France
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La Française de l’Energie, the French gas producer, had a bumpy ride on its first day of trading on Monday, closing 4.5% lower at €25.80, after its €37.5m IPO was priced on Friday.
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Credit Suisse has hired Jerome Renard from Nomura as a managing director in equity capital markets. Renard has broad experience, but taking into account his French nationality and experience in Iberia, he will principally cover those markets.
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Investors’ thirst for stock in Dassault Aviation, the maker of Mirage and Rafale fighter jets, was evident last March when Airbus sold €1.76bn of it in a block trade. It was clear again on Thursday night when Airbus launched a two-pronged monetisation of its entire remaining 23.6% stake. -
French glass packaging maker Verallia plans to sell the second largest single-B rated tranche of the year on Monday, after a pumping week of high yield issuance.
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French retailer Fnac is assigning allocations to the 17 banks that joined its €1.35bn loan in syndication, with another lender added to the deal this week.
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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.
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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.
