French Companies Are Rushing to Sell Junk Debt Ahead of Election [BNN Bloomberg (Canada)]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
Company Research
Source: BNN Bloomberg
Car maker Renault SA's financing arm and frozen food chain Picard Groupe SAS are among those hitting the market. There is a brief window for firms to do so as a gauge of credit risk has eased in recent days, after it surged in the wake of President Emmanuel Macron calling a snap election. The idea is that the market could be about as good as it's going to get for borrowers. With the far-right National Rally and a leftist alliance leading Macron's party in polls, investors are bracing for potentially drastic shifts in economic policy including greater indebtedness, a risk that has blown out spreads on French sovereign debt to the highest in a decade. “Some French issuers want to get deals done ahead of the election to play it safe,” said Hugo Squire, a high-yield portfolio manager at Schroders. “In an absolute worst case scenario, they could be locked out of the market in a couple of weeks time.” The deals include Picard marketing a €1.225 billion ($1.3 billion) high-yield bond,
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