Natixis
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Spain’s Cellnex Telecom, a broadcasting towers business, hit the investment grade and high yield euro markets on Monday, just over six weeks after it roadshowed for the deal. -
Natixis caught the benefits of the excellent trading environment for rates and foreign exchange, on the back of the Brexit vote, while the bank’s M&A business also did well, following the integration and relaunch of Leonardo & Co as ‘Natixis Partners’.
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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.
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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.
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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.
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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.
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Agence Française de Développement hit the sweet spot for supply-starved, yield-hungry investors on Wednesday with a 10 year euro benchmark.
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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.
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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%.
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Foncia, the French residential real estate company, on Tuesday began marketing its €1bn LBO loan into an "issuer friendly" market, according to one investor.
