France
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Deezer, the French music streaming service, opened the book for its IPO on Thursday morning, as the autumn’s busy season of flotations continues to produce successes, failures and deals that get done at weakened terms.
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A Berlin Hyp €500m five year was the success story of covered bonds issued this week from banks in the eurozone, standing out among deals that also included bonds from Caisse Francaise De Financement Local (Caffil) and Raiffeisenlandesbank Niederösterreich-Wien (RLB-NW).
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Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan. -
SNCF Réseau went to the short end of the curve in a hunt for central banks on Thursday, selling a rare €500m three year note.
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A trio of public sector borrowers ventured beyond the 10 year part of the euro curve on Wednesday — but only two were able to return with cash after one Dutch agency appeared to steal another's thunder.
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.
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Caisse Francaise De Financement Local (Caffil) has mandated leads for seven year covered bond, its fifth euro benchmark of the year. The announcement caused dealers to mark French covered bonds a little wider and suggested that, while market conditions have improved from last week, they are still a bit shaky.
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French energy project management engineering and construction company Technip has pulled back from a potential bond offering, blaming volatile markets for its decision.
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An agency mandated for its first syndication in four years on Friday, with a deal to follow next week. The unconventional timeframe was in part to allow investors to reacquaint themselves with the borrower, said bankers on the deal.
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TDF Infrastructure, the French broadcasting infrastructure operator, gave investors something to sink their teeth into on Thursday, bringing a €600m bond to a recovering but uneasy corporate bond market.
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French investment company Wendel bought a €300m no-grow trade to an uncertain, but stabilising, corporate bond market on Monday.
