France

The IPOs of private equity-owned French glassware maker Verallia and of state-owned Française des Jeux (FDJ), the national lottery operator and sports betting company, are both attracting healthy interest in pre-marketing, but sources have expressed some concern that one deal could be taken off the table.

SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.

A 12.5m share trade in Elis, the French workwear and laundry group, was covered quickly last night following a rare auctioned block won by Morgan Stanley.

Worldline, the French payments company, attracted strong investor demand for a negative-yielding €600m convertible bond due in 2026, to refinance its acquisition of a minority stake in equensWorldline, its transaction processing subsidiary.

Caisse des Dépôts et Consignations has returned to the Samurai market with what the issuer and leads said was the lowest ever coupon in the format.

A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.

Italian manufacturer Industria Macchine Automatiche (I.M.A) has raised €50m of Euro private placement notes (Euro PP).

French property company Foncière Verte has sold €85m of privately placed bonds.

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.

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.