France
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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. -
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.
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Agence France Locale is set to bring its second ever syndication on Wednesday, after unveiling details of the trade on Tuesday.
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Public sector issuers are printing at the short end of the dollar curve, a tactic they are likely to stick to in the build-up to the next US Federal Reserve rate decision on June 15, said bankers.
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FIG syndicate desks were looking forward to a pick-up in primary market activity on Tuesday, after two insurers hit screens and the bank capital pipeline also grew.
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A weaker than expected set of non-farm payroll data last week did little to deter issuers on Monday as a pair of borrowers awarded mandates.
