France
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Unédic and Caisse d'Amortissement de la Dette Sociale (Cades) still have sizeable amounts of funding to raise before the end of the year and, with only a few weeks remaining, will look to issue after the EU clears the decks this week. -
A pipeline of deals is building in the Swiss franc bond market for when the US election is concluded. Among those circling the market is Caisse des Dépôts et Consignations, which could finish its 2020 funding with a public benchmark.
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The group of activist shareholders working to derail retail real estate company Unibail-Rodamco-Westfield’s €3.5bn rights issue powered up their attack on Monday.
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Fresh lockdown restrictions added to a sense of anxiety in Europe at the start of the week, with credit markets already on tenterhooks ahead of the US presidential election.
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New national lockdowns in France and Germany smashed secondary equity markets this week, but ECM bankers are confident that as the shock subsides there will still be deals to do.
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Ile-de-France Mobilités is coming to market for a 15 year euro benchmark, set to become one of several French borrowers expected before the end of the year.
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Groupe Peugeot Société Anonyme, the French auto manufacturer, chose a tough day to launch a €308m sale of stock in car parts maker Faurecia. The sale is a key condition of the company's merger with Fiat Chrysler.
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Korian, the French operator of nursing homes, completed its €400m rights issue on Wednesday to fund the acquisition of Inicea.
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Unibail-Rodamco-Westfield’s rights issue is under increased threat from a group of rebel shareholders that disagree with the company’s vision to reset its business. These shareholders have rapidly surpassed the 5% threshold, according to a filing with the with the Autorité des Marches Financiers, after which they have to disclose their holdings.
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The European Central Bank said this week that it thought a stronger role for countercyclical capital buffers would be key in making sure that banks use their available resources to boost lending in times of crisis.
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Two public sector borrowers will follow the EU’s record breaking success in the euro market on Wednesday, with Agence Française de Développement looking to sell its debut bond under its new framework tied to the UN's Sustainable Development Goals (SDGs) and Greece tapping its 2035s.
