Société Générale
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Companies wanting to issue bonds in Europe this week will have to shoot their deals through narrow gaps between holidays, as Thursday is a holiday in several European countries, including France, Germany and the Netherlands. -
Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.
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Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.
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Société Générale has moved one of its London bankers to Hong Kong to take over as head of the Asia Pacific debt capital markets syndicate team.
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Two French public sector borrowers are preparing to return to the green bond market, with the latter going on a roadshow to plug its first benchmark issue since 2017.
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Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.
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Thales, the French defence company, slipped a €500m no-grow three year issue into the bond market on Tuesday, alongside Vodafone's much bigger deal, and after another three-trancher from Becton Dickinson on Monday. All three deals' short dated tranches were priced tightly.
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Vodafone, the UK-based telecoms company, became on Tuesday the latest issuer to enter the green bond market for the first time, delivering on expectations raised when it published its Green Bond Framework last August. The €750m green note was the shortest of three tranches in a €2.5bn deal that drew €8bn of demand.
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Caisse des Dépôts et Consignations (CDC) will introduce its new green, social and sustainability bond framework to investors ahead of a debut euro benchmark sustainability bond.
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Société Générale has appointed Pascal Sefrin as its group country head for Australia.
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Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.
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