France
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Bigger book for senior tranche of debut, but borrower manages to increase size of deal -
Banking borrower does not get same boisterous demand as other recent automotive deals
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La Française des Jeux and Roquette Freres among mandates on screens
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Rights issue will allow shareholders to buy shares at a 99.4% discount to Wednesday’s closing price
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Decent response from investors suggests next week will be busy in primary market
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◆ French firm takes €1bn a day before the US goes to the polls ◆ Investors looking for attractive French covered bonds ◆ French deals are tight to OATs despite high spreads
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Wider swap spreads provide French covered bonds a buffer against competing SSA levels
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Spin-offs of Vivendi companies Canal+, Havas and Louis Hachette Group are prepped for European stock exchanges
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
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Blowout month for euro high grade benchmark corporate issuance
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Mixed response to public investment-focused budget did not dent demand for French utility
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◆ Agency brings planned October benchmark ◆ Regulatory boost received in July ◆ Bonds now trade closer to Bpifrance
