France

Crédit Mutuel Arkéa (CMA) is demanding to be split from its parent group, Conféderation Nationale du Crédit Mutuel (CNCM). Despite a likely downgrade of its senior ratings, the covered bond ratings are well protected, said analysts at LBBW. And in the present market environment, spreads are unlikely to be affected, said bankers.

Barclays and BNP Paribas became the first European banks to tap the Yankee market for subordinated paper for almost a month this week.

French retailer Fnac is asking for larger ticket sizes and more lenders to join its second acquisition loan to buy Darty.

After getting agreement to switch the maturity structure of six deals, the French bank received the consent of noteholders to switch the maturity of a seventh covered bond from hard to soft bullet at an adjourned meeting this week.

Italy’s scramble to prop up its weaker banks has halted what had been a strengthening rally in periphery bank debt last month, with the most recent deals all widening this week.

Rexel, the French distributor of electrical supplies, on Wednesday sold €650m of unsecured notes on a day when investment grade buyers moved into the high yield market.

Wendel, the French investment company, made a bold move on Tuesday night to reduce its stake in Saint-Gobain, the glass and building materials group that is one of its main holdings.

Agence France Locale (AFL), awarded a mandate on Wednesday for a benchmark bond as bankers said that regardless of the tough backdrop in equities the SSA market remains in rude health.

Société Générale will seek further savings from business cuts at its investment bank, after posting a surprise first quarter profit on the back of a strong retail banking performance.

Kaufman & Broad, the French housing developer, completed its ‘re-IPO’ on Thursday, increasing its freefloat from 9% to 45% in a deal that totalled €257m before the greenshoe.

French retailer Fnac has agreed a short term loan agreement to finance its acquisition of Darty shares, made during its bidding war with South African retailer Steinhoff.

French firm Fnac will imminently launch syndication of its loan to buy retailer Darty, after winning a bidding war with South Africa's Steinhoff. Meanwhile, banks supplying a £920m loan for the thwarted rival await instructions.