France

BNP Paribas defied the gloom that characterised the third quarter investment banking revenues reported by its French peers over the last week, all of which posted revenue falls in their investment banking divisions.

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RCI Banque, the finance subsidiary of Renault, has kept the car industry's bond market revival going, by issuing a €500m no-grow bond today.

Oberthur Technologies, the French smart cards maker, indefinitely postponed its IPO on Wednesday, blaming poor market conditions.

Amundi, Europe’s largest asset manager, has covered its IPO, which is set to raise at least €1.4bn, on the third day of the bookbuild.

Two dollar issuers printed without tightening from initial price thoughts on Wednesday, with one opting for a benchmark and the other tapping central bank demand for floaters.

BNP Paribas sold its last remaining shares in Klépierre, the French property company, for €829m on Monday night, in an accelerated bookbuild.

The cancellation of the IPO of EDF Luminus, a Belgian subsidiary of Électricité de France, was caused by the Belgian shareholders’ unhappiness with the price available from a flotation.

Amundi, Europe’s largest asset manager, is seeking a valuation of €7bn to €8.76bn in its IPO, the bookbuild for which was opened today (Monday November 2), and will sell a 2% stake to Agricultural Bank of China. Goldman Sachs has joined the top line of the deal.

Deezer, the French music streaming website, abandoned its IPO after the bookbuild closed on Tuesday without a covered message.

Amundi’s IPO has found a favourable reception in investor education, the company’s CEO, Yves Perrier, said today.

Autoroutes Paris-Rhin-Rhône, the French motorways group, won a €4.9bn order book for a €500m eight year no-grow bond issue on Thursday, as investors returned in force to the primary market.