France
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Maisons du Monde, the French furniture retailer, launched its IPO bookbuild on Monday, with UK, Dutch and South African companies as the main comparable stocks. On Thursday, the leads said the deal was covered.
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The French government is expected to unveil a draft amendment to its covered bond laws, aligning the Société de Crédit Foncier (SCF) and Société de Financement de l’Habitat (SFH) frameworks, which should mainly benefit Axa Bank.
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This week's scorecard examines how a selection of French agencies are progressing through their 2016 funding programmes.
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ASIT Biotech, a Belgian company developing remedies for allergies including hay fever, priced its IPO on Wednesday, raising €23.5m, and made its debut on Euronext Paris and Brussels on Thursday. -
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Groupe Bruxelles Lambert, the Belgian investment holding company, won a bigger than expected take-up for its buyback of bonds exchangeable into shares of Engie this week.
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Water management provider Suez Environnement on Thursday launched the only deal of the day, a €500m note that printed with a small new issue premium.
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Singapore’s army of private bank accounts were spoilt for choice this week with a triple-whammy of bank capital transactions that suited them perfectly — an additional tier one from United Overseas Bank and tier two offerings from Société Générale and National Australia Bank.
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Agence France Locale printed its second ever syndication on Wednesday, building an oversubscribed book for a seven year deal.
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Natixis has been able to distance itself from other French banks struggling in the fight to remain profitable. But after reporting disappointing first quarter results on Tuesday, the bank’s armour looks to have been dented.
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Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.
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Nexity, the French property developer, was able to increase the size of its second convertible bond issue on Tuesday, as existing investors eagerly bought into the new deal.
