Société Générale
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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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Société Générale has raised the prospect of becoming the latest European bank to outsource parts of its equities business as it follows rivals with a cost-cutting drive, writes David Rothnie
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France’s Eiffage has doubled the size of its revolving credit line to €2bn, with the civil engineering construction company becoming the latest name to add social and environmental language to its loan documentation.
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A trio of French companies moved ahead with Schuldschein deals this week, and bankers expect the coming weeks to be packed with borrowers seeking to raise funds before the summer.
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Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.
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Oman, one of the most fiscally challenged sovereigns in the Gulf, is set to raise a $2.85bn commodity linked pre-payment facility. Natixis and Société Générale are expected to lead the transaction, according to bankers.
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France’s Vilmorin & Cie has launched a €150m multi-tenor Schuldschein, as French corporate appetite for the traditionally German private debt market shows little sign of abating.
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Novolipetsk Steel (NLMK), a Russian steelmaker, is embarking on a roadshow to market a dollar benchmark bond with a five to seven year maturity as issuers and investors brush off the risks of further US sanctions on the country.
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European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.
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Schlesinger leaves Santander – New responsibilities for Ross – Soc Gen shuffles markets top brass
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After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.
