Demand slows as Soc Gen joins five year FRN gravy train

Tyler Davies

February 28, 2018 01:00 pm

Societe_Generale_PA_230x150_280218 — Moody's ratings agency said Wednesday Sept. 14, 2011, it had downgraded by one notch top French banks Societe Generale and Credit Agricole while leaving BNP Paribas on negative watch. Credit Agricole's rating slid from Aa1 to Aa2 while Societe Generale was cut from Aa2 to Aa3. Shares in all three banks have plummeted in recent weeks on exposure to Greek sovereign debt and turbulence caused by the eurozone debt crisis. File picture : French bank Societe Generale headquarter building in the business district of La Defense near Paris, France on February 18 2009. Photo by Etienne de Malglaive/ABACAPRESS.COM | de Malglaive Etienne/ABACA/PA Images

Société Générale has become the third bank to sell a five year non-preferred senior bond in floating rate format this week, but the French bank was unable to replicate the earlier successes of BBVA and Crédit Agricole.

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Senior Debt Europe France EMEA FIG Société Générale

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Tyler Davies