France
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Fnac held the bank meeting for its €1.35bn acquisition loan last week and aims to wrap up the deal by early June, according to a banker on the deal. -
Scor added a tightly priced subordinated deal to the growing number of insurance trades in recent weeks, although some analysts fear the borrower's spreads are set to deteriorate.
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SNCF Réseau sold a dual tranche euro deal on Friday, its second benchmark of the year. The French agency is stepping up its benchmark activity in light of increased funding needs, according to a banker at one of the leads.
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The European Financial Stability Facility is the biggest confirmed name for euro issuance next week, with a wide variety of trade options open to it, according to bankers.
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This week’s steady run of one equity block trade a night in the European market continued on Thursday with the biggest deal so far, as Bpifrance, the French state investment fund, launched a €500m sale of more than half its holding in Eiffage, the construction and concessions group.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal.
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French cable manufacturer Nexans on Thursday returned to the high yield market with a €250m unsecured note that was withdrawn in May 2015.
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Deutsche Bank is in the market this evening with a block trade of about €319m in shares of Euler Hermes, the Paris-listed trade receivables credit insurer. It is the first equity capital markets deal in the stock since 2002.
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BNP Paribas paid a slim premium to price the first 12 year senior bond of 2016 from a European bank in euros, as issuers encounter a more favourable environment for adding longer dated debt.
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Deutsche Bank has hired Thomas Piquemal, the former senior vice-president for finance at EDF Group, as its global head of M&A and chairman of the corporate and investment bank (CIB) in France.
