Société Générale

Leveraged loan investors this week showed healthy appetite for core European deals as French data processor Tessi and German jewellery maker Amor began marketing their acquisition loans.

Ten banks participated on Wednesday in an auction to determine settlement prices for credit default swaps on Norske Skog, the Norwegian publishing paper manufacturer, after it triggered a restructuring credit event in April.

Dentressangle Initiatives is seeking €276m of loans to fund its acquisition of Tessi, the French provider of data processing services, which it also plans to delist.

Christian Dior nipped in ahead of the UK’s referendum on its European Union membership to issue a €350m bond on Monday, and found highly supportive market conditions.

Spanish broadcasting infrastructure operator Cellnex Telecom, which finished a roadshow last week, is biding its time before bringing a deal to market, in anticipation of volatility in the coming days.

The €1bn IPO and highly dilutive capital increase of Veneto Banca is thought likely by bankers involved to be bought in its entirety by Fondo Atlante, as happened to the similar €1.5bn deal for Banca Popolare di Vicenza at the beginning of May.

Papua New Guinea has selected four banks for its maiden dollar bond and is set to meet investors in Europe and the US.

Caisse Française de Financement Local (Caffil), the French public sector bank, issued its third Obligation Foncière this week but, while it set a record low coupon, it was heavily reliant on support from the Eurosystem.

Ethypharm, the French pharmaceutical firm, has allocated a €337m seven year term loan ‘B’ at tighter pricing than initial guidance, following a heavy oversubscription.

Ecofin, the investment manager that specialises in the infrastructure and environment sectors, launched an accelerated bookbuild on Wednesday evening to clean up all its shares in Direct Energie, the Paris-listed electricity company.

The EM bond market has churned out deals this week despite US Federal Open Markets Committee meeting and fears of the UK leaving the EU disrupting sentiment.

La Française de l’Energie, the French gas producer, had a bumpy ride on its first day of trading on Monday, closing 4.5% lower at €25.80, after its €37.5m IPO was priced on Friday.