France
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems? -
◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks
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◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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Spread moves not done yet, warn analysts
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◆ Its first sub-€1bn tier two in four years ◆ First French euro bank capital sale since prime minister's resignation ◆ Mixed views on new issue concession
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Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector
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No investors involved in Caffil's latest deal mentioned concerns over French risk
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Luxembourg-based steel maker and French spirits company get warm welcome
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◆ Book grows after spread set ◆ Premium offered to investors ◆ Recent sovereign downgrade not a concern
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S&P’s cut to sovereign rating was unscheduled, but unsurprising
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◆ Combined order books topped €9bn ◆ Demand continued to grow after tightening ◆ Tier two priced through fair value
