Natixis

Madrid has raised 15 year cash with its second bond in as many weeks — and the borrower’s sovereign could break its yield record at a similar tenor on Thursday.

Survitec, the UK survival equipment provider, allocated its £250m acquisition loan late on Friday, reverse flexing to more borrower-friendly terms for the second time.

Six European covered bond borrowers launched deals worth a total €5bn this week and, despite setting new spread records, all were easily digested and performed well.

UniCredit issued its inaugural conditional pass through covered bond on Thursday flat to where it would have priced a deal from its soft bullet programme.

Foncia, the French property management firm, has launched a €270m add-on to acquisition debt from its leveraged buyout by Bridgepoint in 2011.

UK survival equipment provider Survitec is aiming to allocate its £250m loan on Friday, as investors review the deal’s documentation.

Survitec has reverse flexed its £250m acquisition term loan, the second leveraged loan borrower to tighten terms this week, as investors' options for paper remain slim.

Eiffage, the French construction company, has refinanced €3.3bn of loans, reducing the margins by two thirds compared with what it used to pay - even though revenues are under pressure from a state toll renegotiation.

Survitec, the UK survival equipment provider, is making changes to the term sheet on its £310m acquisition loan before completing syndication of the deal.

With investors squealing at this week’s new issues that crunched spreads to record lows, next generation covered bonds could meet the sector’s increasingly desperate need for higher yielding products, writes Bill Thornhill.

Hong Kong listed Fosun International has chosen three French lenders to supply funds for its acquisition of Club Méditerranée (Club Med).

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