Natixis
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Banks steered clear of the European bond markets on Monday, as the vast majority of last week’s primary prints languished wide of their re-offer levels. -
Nexans, the French cable manufacturer, became on Friday the first double-B rated issuer to pull a European high yield bond this year. It cited unfavourable pricing and volatility in the market.
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La Poste, France’s state postal service, returned to the bond market on Tuesday with its first benchmark issue since 2012. The bond was priced tightly to its curve, but the book size was not disclosed.
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Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch, but an attractive yield amid fewer deals helped see the financing through, said bankers.
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Nexans, the French cable manufacturer, said on Wednesday it wanted to issue €250m of high yield notes to refinance €212.6m of convertible bonds maturing on January 1 next year.
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La Poste, France’s state postal service, returned to the bond market on Tuesday with its first benchmark issue since 2012. The bond was priced tightly to its curve but the book size was not disclosed.
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Egypt has set roadshow dates for its 144A/Reg S bond.
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Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time, to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch but an attractive yield and good financials helped see the deal through, said bankers.
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Euros are back on the menu for FIG investors after Swedbank and Rabobank Nederland stormed the senior market on Thursday. Bankers are now looking forward to a string of deals next week.
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Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.
