France
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French gaming company Nacon will close its IPO books because of strong demand but market fears over the Covid-19 coronavirus outbreak means ECM bankers on the deal are giving themselves pricing flexibility. -
Three banks seized a favourable backdrop in the bond market to sell senior bonds this week, finding a warm welcome for maturities from three to six years.
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BNP Paribas this week set a new record low for an additional tier one (AT1) coupon issued from a European bank in the dollar market, raising $1.75bn amid heady demand for the product. Iceland’s Arion Bank was also in the market, chipping in with a $100m deal ahead of beneficial domestic tax changes.
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BPCE raised senior bond funding in sterling on Thursday, making use of constructive conditions in the currency. The lender launched its deal at a spread that, on an after-swap basis, was roughly in line with where it could have landed in euros.
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The IPO of French video games developer and accessories company Nacon was covered almost immediately on Thursday morning when order books were opened.
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Equity capital markets bankers have welcomed the return of rights issues as the total volume of underwritten equity raises announced year-to-date ramps up. Now, they are thirsty for more.
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A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone.
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Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.
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BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.
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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, February 17. The source for secondary trading levels is ICE Data Services.
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Société Générale was two times subscribed for a new €1.25bn preferred senior bond on Monday, showing that investors still have plenty of appetite for the lower-yielding asset class.
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