Natixis

Caisse d'Amortissement de la Dette Sociale took a lead from the European Financial Stability Facility on Wednesday, mandating banks for a novel eight year deal. The announcement came the same day as the French agency unveiled its funding target for 2015.

The recent flood of euro denominated senior unsecured issuance slowed on Wednesday, with BPCE the only European financial to sell a deal in the currency. Toronto Dominion Bank took to the sterling market for a short dated FRN.

French chemical company Arkema has completed the long term financing of its acquisition of Bostik, with a €700m 10 year senior bond on Tuesday.

Pirelli, the Italian tyre maker, has revved up the year's loan market business with a €1bn facility signed last week, that the company said was three times oversubscribed.

Demand was robust for floating rate paper on Tuesday as Commonwealth Bank of Australia sold its first deal of 2015 and Caisse Centrale Desjardins du Quebec (CCDJ) returned to the senior unsecured euro market after an absence of almost five years.

Telecom Italia, Italy’s largest telecommunications operator, on Monday brought to the high yield market the first €1bn issue of the year, as part of a plan to repay slices of four other bonds.

Gecina, the French real estate investment trust, issued a €500m 10 year bond on Monday, attracting a vast order book and paying a small new issue premium.

A week before the European Central Bank is expected to announce a programme of quantitative easing and Greece elects its next president, investors are loading up on senior unsecured paper from top names in FIG, and being paid big new issue premiums. Investors are demanding more in part because of fears of volatility in coming weeks stemming from the ECB and Greece, bankers said.

Danone, the French foods group, became the first European corporate bond issuer of 2015 on Wednesday, and attracted exceptionally strong demand for a €550m five year floating rate note and a €750m 10 year fixed rate bond.

A consortium of ten banks has signed an HK$4.46bn triple tranche facility for CVC sponsored Hong Kong Broadband Network. The loan received much attention when agent JP Morgan first started sounding out banks, as some bankers felt it was too aggressively structured and with too loose covenants.

French engineering and construction services firm Spie this week cut margins on its €625m 4.5m year bullet term loan E and let another bank onto its arranging ticket.

French investment company Wendel issued a €200m tap of its October 2024 bond on Wednesday, and has reduced the amount of its revolving credit facilities.