Natixis

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand — a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

Vallourec’s bond issue may have gone well on Tuesday, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year, but neither managed to tighten pricing from their initial thoughts.

Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing.

Scor ended a long hiatus from the euro market on Thursday, selling a perpetual callable subordinated deal to a warm reception. With the issuer only offering a small size, it was able to draw a multiple times oversubscribed book.

Delachaux has finalised pricing on all three tranches of its €690m-equivalent seven year term loan ‘B and has revised incurrence conditions on leverage.

Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.

Delachaux, the French industrial company is closing orders today for its €765m loan, which has attracted strong interest and been oversubscribed, according to a banker. The company will make adjustments to the tranche sizes and pricing.

CNH Industrial, the US-Italian maker of agricultural and construction machinery and trucks rated Ba2/BB+, prioritised price over size for its euro bond return on Monday.

CNH Industrial, the US-Italian maker of agricultural and construction machinery and trucks, issued price guidance on Monday for a new euro seven year benchmark bond.

Abengoa, the Spanish renewable energy and engineering firm, announced a roadshow on Monday for a green bond – the first in euros for a high yield issuer.

French chemicals company Arkema has proposed a €1.74bn acquisition of adhesives maker Bostik from Total. The company has agreed a €1.5bn bridge facility and its longer term financing plans comprise a rights issue, hybrid capital and senior bonds.

Dutch credit insurer Atradius sold its first bond for 10 years on Tuesday, a long-dated subordinated note. Scor, another rare issuer, is in the market for a sub trade of its own in the near future, mandating banks to arrange investor meetings for a dual tranche deal denominated in euros and Swiss francs.