France
-
Bouygues, the French industrial group, sold its final large block trade in Alstom on Tuesday night in an effective clean-up. Investors jumped at the last chance they had to buy shares in the French rail company from Bouygues. -
PrimaryBid, the app that helps UK retail investors invest in share sales by London-listed companies, is launching in France as part of its ambition to expand into markets across Europe.
-
French digital music company Believe has fixed the terms for its €300m IPO on Euronext Paris, after scaling back the deal size amid a challenging market for new stockmarket listings in Europe.
-
-
Bpifrance launched a rare Friday deal this week, raising €1bn with a 10 year benchmark and managing to move the spread 3bp.
-
Prospects for companies to issue more social bonds rose this week, with the debut issue by Electricité de France, a borrower with a long and influential track record in the green bond market.
-
Equity capital markets participants are predicting the return of exchangeable bonds as a way for large corporates to sell crossholdings or subsidiaries to raise funds without offering the big discounts to investors that come with a block trade. Two deals this week highlighted the importance of the product, a €538m deal by French utility Engie, selling shares in Gaztransport Et Technigaz (GTT) and bonds exchangeable into its shares, and a $1.64bn financing package sold by Adnoc, selling shares and exchangeable bonds in subsidiary Adnoc Distribution.
-
Bpifrance has announced a euro benchmark, following in the footsteps of two other French issuers that came to market this week.
-
European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.
-
Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
-
A proposed French law may incentivise owners to take out loans that improve the energy efficiency of their homes, which could boost green mortgage production and green covered bond issuance.
-
French banks and foreign rivals are slugging it out in France’s corporate finance boom, where proximity to the government is an advantage, writes David Rothnie.
