France

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.

French retailer Fnac will imminently launch syndication of its €1.35bn Darty acquisition loan, according to a banker close to the deal.

Tuesday and Wednesday brought a pair of private equity block trades following first quarter results, but nothing to match the fireworks of Monday night, when Credit Suisse placed £1bn of stock in SABMiller for Kulczyk Investments at a 0.88% discount.

Belgium is set to bring a private dabbling in ultra-long debt issuance into the public sphere, as it mandated on Wednesday for a debut 50 year euro benchmark a week after placing its second 100 year medium term note.

The European Stability Mechanism rode the crest of a wave of demand for duration on Tuesday to complete its remaining funding needs for the second quarter, as Unédic looked to hit a shorter maturity.