Soci_t_ G_n_rale

It has been an earnings season of rebounds. UBS, the first of the European investment banks to report its results for the second quarter of the year, used the word “rebound” three times in its earnings report, which it published on July 23. Since then, BNP Paribas has pointed to an “established rebound” in its results while HSBC has reported a “rebound” in profits in the US and Europe.

TechnipFMC, the French-US energy technologies group, executed on Thursday night its second block sale of shares in Technip Energies, the engineering and construction subsidiary it span off in February. Despite the holiday season, the parent achieved a fractionally higher price than in the last trade and a significantly tighter discount.

Valeo, the French auto parts maker, and US exchange company Nasdaq brushed off any worries of contagion from a weak sterling market to print bonds in euros flat to fair value on Tuesday, with the issuers able to take full advantage of the an exceptionally quiet market.

France’s IPO renaissance is expected to keep up the pace in the second half of the year, aided by the strong performance of French equities and a rebounding economy.

Valeo, the French car parts maker, has mandated for a debut sustainability-linked bond, hours after posting results showing a solid bounce back from last year.

French investment grade corporate issuers Alstom and Covivio Hotels ignored growing worries over rising coronavirus infections on Tuesday to haul in bumper demand for new bonds.

The Republic of Benin launched its debut SDG (Sustainable Development Goals) bond in its second international offering of the year, following a two year hiatus. Market participants say although deals like Benin’s are getting over the line, concerns are brewing over the sustainability of high yield sovereigns tapping investors so freely.

Covered bond and SSA research analysts at Société Générale are set to leave the bank for other firms later this year.

The Republic of Benin plans to be the first sub-Saharan African sovereign to tap the international bond market twice in 2021. The sovereign this week intends to sell a bond with a sustainability feature, making it one of the first in the region.

Enel smashed a series of records when it came to the dollar market with a $4bn sustainability-linked bond on Wednesday.

Central bank policy is expected to create eye-catching arbitrage funding opportunities for high grade US companies in euros, with tens of billions worth of Reverse Yankee bonds forecast for the back end of this year. Meanwhile, the dollar market remained a strong draw for European companies this week despite rates volatility, after Enel printed the largest ever sustainability-linked bond. Mike Turner reports.

Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade.