Natixis

Euros had to play second fiddle to a rampant dollar market this week, but there was still a steady flow of deals at the smaller end of the size scale.

Mediq, the Dutch pharmaceuticals firm owned by Advent, has launched a €200m dividend recapitalisation, holding an investor call on Wednesday. This follows German industrial services firm Bilfinger offering a €700m term loan at a bank meeting on Tuesday.

French residential real estate company Foncia on Monday reopened the book for a €800m loan backing its acquisition by a Partners Group-led consortium, after tightening pricing beyond guidance.

The European Stability Mechanism has chosen to tap its April 2024 line during its funding window this week, a move that bankers said was sensible given the seasonal thinning of liquidity in the market.

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Supply-starved investors pounced on new euro benchmarks from the European Stability Mechanism and Agence Française de Développement this week, the first since the UK’s Brexit vote.

Agence Française de Développement hit the sweet spot for supply-starved, yield-hungry investors on Wednesday with a 10 year euro benchmark.

Swedish firm AR Packaging and French software firm Cegid both successfully allocated leveraged buyout loan packages this week — with the margins undisturbed by the UK's vote to leave the EU.

The first corporate bond new issue has been priced in euros at a negative yield. Deutsche Bahn raised €350m of five year debt on Wednesday with a 0% coupon, at a yield of -0.006%.

Foncia, the French residential real estate company, on Tuesday began marketing its €1bn LBO loan into an "issuer friendly" market, according to one investor.

Construction company Salini Impregilo was the second Italian borrower in the high yield market on Monday, as a fortnight of no issuance ended.

China National Chemical Corp met bankers in Hong Kong this week ahead of a $12.7bn fundraising for its acquisition of Swiss biotech firm Syngenta.