Natixis

Agence France Locale scored a strong success with its debut bond this week, as investors lapped up a rare opportunity to buy core eurozone paper with a healthy spread.

The spate of very large and strategic block trades has continued this week, with sales of stock in Accor, Dassault Aviation, the London Stock Exchange and Havas, totalling an expected €5.2bn.

Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.

Puma International Financing is raising a $725m multiple tranche loan for refinancing and general corporate purposes. A diverse set of banks have formed the top level group, with lenders from Australia, the Middle East, China, Europe and South Africa in lead roles.

Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.

Veolia Environnement, the French water and waste management company, has announced a global investor call for a new bond issue as it tenders for three existing notes.

French property management firm Foncia has allocated its €270m add-on to acquisition loans after tightening pricing on the deal.

Paprec Group, the French waste recycling company, sold a dual-tranche green bond last Friday (March 20), in the fourth such deal in the high yield market, according to Standard & Poor’s research.

French luxury goods holding company Kering has issued a €500m seven year bond.

European Central Bank’s limited options for hitting its €60bn/month public sector purchase programme target could be made easier as a new agency nears a debut deal.

Nationwide and Caixabank launched the only two covered bonds this week. Despite both issuers getting the funding they wanted, the final outcome was poor in comparison to past standards.

BPCE made its debut in the offshore renminbi (CNH) market on March 18, pricing a 10 year non call five trade. The transaction meant the French lender joined a series of non-Chinese banks that have tapped the dim sum bond market to beef up their Basel III tier two capital buffer.