Société Générale
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GTLK, Russia’s state transport leasing company, printed a $500m six year bond on Wednesday from a book of just over $1.5bn. -
GTLK, Russia’s state transport leasing company, is in the market with a Reg S six year dollar bond, returning to the market after pulling a deal in February 2018.
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After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.
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French telecoms company Iliad has launched a €300m Schuldschein, joining a parade of French firms raising debt through the market this year.
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Société Générale is looking at cutting around 1,600 jobs across the group, while also closing its over-the-counter (OTC) commodities business and proprietary trading firm.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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A French agency and a Belgian sub-sovereign are preparing to issue their first bonds.
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The European Investment Bank and Flemish Community brought sustainability-linked transactions on Thursday, with investors piling in despite a busy market elsewhere.
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Four new corporate bonds hit the market on Wednesday. In a change from recent days, all the deals were of moderate size and single tranched. Terna, the Italian grid operator, and Banque PSA France were typical in launching €500m no-grow deals. Book sizes diverged strongly, with those two issuers getting heavy oversubscription, while Aroundtown and Voestalpine had much less.
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Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.
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The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.
