Pinault Printemps-Redoute (PPR), the French retailer, breathed some much needed life into the European equity capital markets this week as it completed a Eu1.4bn convertible, the first euro denominated issue since September. The deal has laid down a marker for other banks to show what can be achieved with a sensibly priced issue. The books opened on Tuesday morning at 8.15am Paris time and by midday they were eight times covered. The issue, excluding a Eu500m order from Artemis, the French holding company, generated Eu7.4bn worth of demand in four hours.
November 02, 2001
