France

Compagnie de Financement Foncier took advantage of strong market conditions to issue a long eight year on Monday. Its third covered bond of the year was priced tighter than the previous two and comes as the European Central Bank has become more active in the secondary market.

Deutsche Bank was left holding 12% of Elis’s stock, worth €225m, after a block trade on the evening of Thursday April 14 that failed to clear.

The European IPO market’s busy spring season received further encouragement this week, when its second and third major deals, for Forterra and Mediawan, were both completed — though Forterra’s was priced at the bottom of the range and edged down in trading.

Vallourec’s €480m rescue rights issue is heading for a successful conclusion on Friday April 22, bankers working on it said this week.

France’s largest property firm, Unibail-Rodamco, issued a €1bn dual tranche bond on Wednesday that included only the third 20 year corporate bond in euros this year.

Forterra and Mediawan have closed and completed their IPO bookbuilds this afternoon, though Forterra’s will be priced at the bottom end of the range.

LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, returned to the convertible bond market on Monday night to tap its $600m equity-neutral bond, issued in February, for another $150m.

IZAC, a French men’s clothing brand, has issued a €12m European private placement with the support of the Novi 2 fund.

Carrefour, the French hypermarket chain, issued a €750m bond on Tuesday, in a market enthusiastic for corporate debt.

Natixis and Korea's KB Insurance (KBI) have signed a pact to co-invest in infrastructure and aviation debt that will be originated by the French lender.

Société Générale has named Frank Drouet as its new head of global markets, promoting him from his position overseeing global markets for Asia Pacific.

HLD Europe, a small and recently founded private equity firm incorporated in Luxembourg and backed by wealthy French investors, will raise up to €40m through a debut five year Euro private placement.