Société Générale
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Société Générale attracted strong demand for its inaugural green Obligations de Financement de l’Habitat on Monday. The green covered bond put the French issuer at the “forefront of positive transformation” and “sets a standard”, said a spokesperson. -
Aroundtown, the German property company, chose Tuesday, when the European corporate bond market was otherwise empty of new issues to sell its second hybrid capital deal in as many months.
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Investors piled into euro trades from Italy and the European Financial Stability Facility on Tuesday, with around €25.5bn of demand for the names as more issuers line up.
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Ghana Cocoa Board, known as Cocobod, is likely to close its annual loan refinancing in September, and bankers expect it to have tight margins.
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Sovereign, supranational and agency borrowers have started the week with a bang, and syndicate bankers say they do not expect any slowdown of issuance in the coming days.
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Société Générale’s revamp of its investment bank, first announced in April, will refocus the bank’s financing efforts around sponsor-driven business, as corporate clients are not steering enough fees towards the bank to pay for its balance sheet commitments.
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An undersupplied sterling bond market was on Wednesday given two new corporate deals to chew on: a £350m three year from carmaker BMW and a £250m no-grow eight year from UK retailer Marks & Spencer. Abertis Infraestructuras, the Spanish roll road operator, also offered a €1.3bn six and 10 year deal.
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Société Générale has begun its planned round of redundancies and the first name GlobalCapital has associated with the cuts has been with the bank for over a decade.
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The Kingdom of Saudi Arabia printed its debut bond in euros on Tuesday. The deal was widely hailed a success, sold with a minimal new issue premium, final order books of over €14.5bn and trading up well in the secondary.
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Signs of weakness have crept into the FIG secondary market in recent days, but market participants expect that banks will carry on piling into the market ahead of blackout periods and an expected summer slowdown.
