Natixis
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Senegal was fully rewarded for embarking on an extensive roadshow with a blowout trade on May 16, which not only repriced its own curve, but helped to reduce the borrowing costs of its peers. -
Books had reached $4bn on Tuesday before the US market opened for Senegal’s latest dollar outing, an amortising note maturing in 2033. Bankers and investors away from the mandate said they did not envy those dealing with the allocation process.
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Senegal will meet investors next week ahead of a potential return to the dollar market for the first time in nearly three years.
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Maroan Maizar, the former country head for Deutsche’s capital markets businesses in Switzerland, has joined Kepler Cheuvreux to work on Swiss corporate finance.
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Natixis has given its head of loan syndicate a new role, making him global head of high yield corporate distribution and trading.
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French building services outsourcer Atalian printed a €625m seven year bond on Wednesday, bringing total high yield issuance for the week to over €2.6bn.
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French food producer Labeyrie Fine Foods both widened pricing and reduced the size for its €500m term loan this week, as changeable market conditions have driven a cheapening of several primary deals in the leveraged loan market.
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Two commodities companies have rolled out separate syndications into the loan market, with Vitol Asia approaching lenders for $1bn and Gunvor Singapore looking for $800m.
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.
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The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally.
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