France
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Three of Neoen’s major shareholders have completed a tail swallow ahead of the French renewable energy company’s €600m rights issue, which was announced on Tuesday. -
Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 15. The source for secondary trading levels is ICE Data Services.
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Neoen, the French renewable energy company, launched a €600m rights issue on Tuesday to fund its investment pipeline. Sources close to the deal are confident of its success.
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French electronics store Fnac Darty has completed the sale of a new €200m seven year convertible bond.
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Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.
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Aviva was met with strong demand for a tender offer this week, prompting the firm to buy back £200m more bonds than expected and increase the size of its debt reduction targets.
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A pair of French agencies hit the market on Wednesday, pulling off impressive deals ahead of the European Central Bank meeting on Thursday, where investors hope to hear promises of increased support.
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Bouygues, the French industrial group, sold a 3.23% stake in French rail company Alstom in Paris on Tuesday night, attracting strong demand for the deal.
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BPCE attracted good demand for its second dual tranche covered bond of the year, which included a rare 20 year portion. The deal showed that investors are so far impervious to the recent rise in rates.
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Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper.
