Natixis
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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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French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.
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Mubadala raised $1.5bn in the bond market on Tuesday with a dual tranche seven and 12 year deal, the deal was well subscribed but didn’t come as tight to the sovereign as Mubadala’s previous issue.
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Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.
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The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.
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Unédic and Austria have announced that they will sell euro benchmarks at the long end of the curve on Tuesday.
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The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit.
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The loan package backing Ardian’s buyout of Prosol Group, the parent of French food retailer Grand Frais, is set to increase leverage at the firm to more than five-and-a-half times Ebitda, a level that one investor said was overly aggressive in the sector.
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Natixis this week named Kenneth Lee as head of its Asia Pacific DCM syndicate team.
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CVC has acquired a 25% stake in Spanish oil transportation and storage firm CLH, making it the largest shareholder in the firm.
