France
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Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency. -
Labeyrie Fine Foods, the French producer of smoked salmon and foie gras, on Wednesday sold a €80m tap of its 2021 secured notes to finance the acquisition of food producers Pére Olive and King Cuisine from Aqualande.
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The arid landscape for equity block trades so far this year in EMEA was brightened on Wednesday by two evening sales, both with a Russian flavour and involving elite clients.
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Worldwide Flight Services, the French cargo and luggage handling company, is seeking to raise €240m through a bond tap and new issue, to support its purchase of US peer Consolidated Aviation Services.
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Blackstone sold on Monday night a block of shares in French property company Gecina – the second such trade in five months. Just like last time, the deal failed to clear.
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French conglomerate InVivo has raised €680m, in the company's first syndicated loan to involve all of the its relationship banks.
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BPCE issued a €1bn seven year mortgage-backed covered bond attracting an exceptional level of subscription from a broad range of real money investors. The transaction, along with earlier deals from AIB and CaixaBank, shows that the seven year tenor is now firmly back in vogue, offering the right trade-off between duration and yield.
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This week's funding scorecard looks at the funding progress of French agencies
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Established covered bond investors are often sceptical about conditional pass through deals. The structure allows the maturity of their investments to be extended, perhaps by decades. But they could be safer than long dated bullet deals.
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Sagess opted to sit out another turbulent day on Tuesday despite having a deal mandate out, but conditions were not sufficiently bad to dent a dual tranche deal from a supranational nor stop a pair of more regular agencies mandating.
