France
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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. -
French cable manufacturer Nexans on Thursday returned to the high yield market with a €250m unsecured note that was withdrawn in May 2015.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.
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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.
