Natixis
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French retailer Fnac Darty has amended and extended €600m of bank debt, with the company saying that a strengthened business model helped it cut the cost of its loan facilities. -
Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.
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A long time Natixis loans banker has left the bank to join French rival Société Générale’s global loan sales team.
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Bain Capital has begun pre-marketing for the Paris IPO of Autodis Group, the French distributor of spare vehicle parts, which it bought in October 2015.
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Commodities trader Gunvor Singapore is back for its annual refinancing, attracting commitments from 13 banks even before the $800m loan was launched into general syndication.
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Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.
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European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.
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Spanish civil engineering group ACS sold the first senior green bond by a corporate issuer for more than a month on Thursday, following a European roadshow earlier in the week. Green bonds are often said to offer a pricing benefit to issuers, but the company found it still had to pay a significant new issue premium.
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The Province of Alberta printed its first ever euro bond on Wednesday, opting to follow its compatriot Ontario in attacking the sweet spot for investors at seven years.
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The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.
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Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.
