Société Générale

A pair of Middle Eastern banks, Emirates NBD and Abu Dhabi Commercial Bank, both placed short-dated sterling MTNs this week.

GlobalCapital is pleased to announce the winners of its 2019 Americas Derivatives Awards, revealed at a gala dinner at the Metropolitan Club in New York on Thursday May 30. As ever, the awards recognise the firms and innovations that have advanced the derivatives markets during the last 12 months.

To believe their PR, banks are now paragons of clean, sustainable economic development.

The Russian sovereign could soon issue its next Eurobond, with both euros and dollars on the table. But if it does launch a deal, the move will be as much financing as it will be a political play to help defend the country from more US sanctions. Francesca Young reports.

Siberian Coal Energy Co (Suek) is set to finally close a loan refinancing next week after a lengthy syndication process that bankers close to the deal blame on a growing number of lenders declining to finance coal-burning activities.

Louis Dreyfus Co, the Dutch-based agricultural commodities trader, has renewed its $750m North American bank credit line, and become the latest company to add a sustainability-linked element to its revolving credit facility.

Switzerland’s Sucafina has renewed its $300m syndicated loan, with all 11 banks that lent to the coffee trader’s debut in 2017 rejoining the deal as bankers say there is still not enough business to go around.

European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.

Magnitogorsk Iron and Steel Works, the second largest steel producer in Russia is embarking on a roadshow for a dollar benchmark five year bond — its first for 16 years.

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.

Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.