Natixis
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Bpifrance Financement has tapped a November 2024 line for €700m, outstripping the size of the original issue and selling into what a banker at one of the leads described as an “amazingly strong market”. -
Artemis, the Pinault family holding company that owns €17bn of shares in Kering, the French luxury goods group, raised €383m on Tuesday with an innovative equity-neutral exchangeable bond, in which Crédit Agricole acts as an extra counterparty to investors.
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Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.
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Three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday using different tenors to raise a combined €1.06bn.
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Autostrade per l’Italia, the Italian toll road operator, on Monday printed a €700m 12 year deal to finance a tender offer for up to €650m shorter dated bonds.
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Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.
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A big name in SSA and emerging markets syndicate has returned to the primary markets, joining the desk at a French bank.
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On Tuesday, Gecina, the French property company, printed a successful €700m long 10 year bond, having sold €1.5bn of bonds as recently as the end of June to help fund its acquisition of Eurosic.
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Interoute, a UK network and cloud services operator, is set to refinance its only high yield bond issue with a new leveraged loan that it launched this week.
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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.
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Two high quality euro borrowers printed what may be among their last benchmarks of the year this week, squeezing new issue premiums flat to the curve as investors filled their boots.
