France
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Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition. -
French renewable energy company Voltalia has finished its €376m rights issue after meeting with more than 100 investors on a deal roadshow, according to a source close to the transaction.
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Société Générale attracted strong demand for its inaugural green Obligations de Financement de l’Habitat on Monday. The green covered bond put the French issuer at the “forefront of positive transformation” and “sets a standard”, said a spokesperson.
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BNP Paribas launched a non-preferred senior bond in euros on Wednesday, tightening the pricing 20bp from price thoughts despite a 'softer' backdrop in financial markets.
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CNP Assurances has decided to postpone its sale of a green tier two capital bond until later this year. The French insurance company, which is restructuring, had intended to sell a security with a rare format in the bond market.
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Investors rushed to buy Credit Mutuel Arkea’s 10 year covered bond on Friday and lock in the positive yield before it disappears, probably in a matter of weeks. Strong demand was all the more remarkable given the bank’s Aa3 rating could be downgraded by three notches.
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La Banque Postale took its first step into the preferred senior bond this market, securing €750m of tightly priced senior funding in the euro market on Thursday.
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Three senior staff from Aviva Investors have left the institution to launch a private debt fund focused on impact investment at Eiffel Investment Group.
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Public equity investors lag behind private funds in owning renewable power assets and are missing an opportunity to get in early on Europe’s next big infrastructure asset class, according to Sébastien Clerc, chief executive of French independent power producer Voltalia.
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With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.
