Perspectieven en actualiteiten.

The AT1¹ bond segment has been back in favour since end 2023, even if the long-term consequences remain uncertain.

Edmond de Rothschild Corporate Finance advised the shareholders of Transarc (CEO Damien Rameau and the management team, Bpifrance, CARVEST, and IDIA Capital Investment), a major independent coach operator, on the sale of a majority stake to Infranity, a leading European investor in sustainable infrastructure, to support the company's growth and the electrification of its fleet.

Equity markets were range bound over the period but government bonds saw wider fluctuations.

Geopolitical risk mounted further in the Middle East after Iran made a direct strike on Israel over the weekend. Nobody wants the situation to escalate but there is a risk it could happen following Thursday night’s riposte against Iran.

After the previous week's indications of labour market resilience in the US, this week saw inflation proving sticky. March’s  CPI increased by 0.4% vs. 0.3% expected, the third month in a row in which it had come in hotter than consensus expectations.

The macroeconomic environment appears favourable for emerging sovereign and corporate bonds, which display robust fundamentals. The Fed’s policy pivot and a weakening dollar expected in 2024 could prompt investors looking for yield to return to the asset class.

IDI takes a majority stake in EXSTO, a group specializing in high-performance elastomer solutions, alongside the management team led by Christophe Torres and the historical minority shareholders.

Yield curve inversion has been around for almost two years, Europe is the theatre of a serious war, China is mired in deflation, globalisation is still stuck in a US-China trade conflict, rampant inflation has given way to a monetary shock and yet, even without a recession, risk assets have soared in today’s Goldilocks¹ environment.

Central banks have refocused markets on the pace of future rate cuts. Traders now only expect three cuts by the end of 2024 rather than the six they were hoping for in January. Some are even querying this new scenario: as a result, the dollar rose and real 10-year yields moved back to 2%.

Our infrastructure debt platform has been playing a key role in the energy transition for many years through the investments it makes.

Edmond de Rothschild Corporate Finance supported Laurent Lémond (CEO) and the minority fund GEI in the majority stake acquisition by Stellantis.

A year that confirms the momentum of Edmond de Rothschild Corporate Finance ("EdRCF") and its leading position in its segments: 62 transactions completed in a declining market.