Société Générale
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KfW and Bpifrance hit screens with taps of existing debt on Tuesday, with levels so tight that the sovereign, supranational and agency market’s best rated names are finding it trickier to get traction from investors. -
Belgium’s Cofinimmo has amended and restated its revolving credit facility, with the real estate investment company ramping up the size of its bank line to €400m.
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US-based energy trading firm Castleton Commodities International has signed $2.775bn of loan facilities, with European banks making up a large part of the group.
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With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.
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The Kingdom of Saudi Arabia has tightened guidance for its dual tranche debut in the euro market, offering a 10bp new issue premium for its eight year and a 5bp concession for its 20 year, according to a syndicate official away from the deal. Combined books are over €10bn, including €1.5bn of joint lead manager interest.
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A renewed appetite for risk was felt in Europe's corporate bond market this week, after US president Donald Trump appeared to have made overtures to the leaders of China and North Korea. Two issuers took advantage: Merck of Germany, with an acquisition financing, and ArcelorMittal, with a modest tap.
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Saudi Arabia hit screens on Monday to announce its first ever euro benchmark — a dual tranche with eight year and 20 year tenors.
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Żabka Polska, an operator of Polish convenience stores, has launched a syndicated loan to fund a dividend recapitalisation, according to bankers. The transaction is following closely in the footsteps of fellow Polish corporate, Allegro, that closed a Z2bn (€470m) dividend recap in May.
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With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.
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Luxembourg’s SES has refinanced its revolving credit facility, trimming at the margin of the €1.2bn deal as banks piled into the satellite operator’s transaction.
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Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.
