Société Générale
-
Following European bond issues by Volkswagen Financial Services, Volvo Car and RCI Banque last week, another car company entered the market on Monday. Toyota Finance Australia issued a two and five year bond that showed the market was very much open for business and full of demand. -
Neopost, the French postal equipment maker, is marketing a dual currency Schuldschein, becoming the latest in a run of French firms to enter the market.
-
RCI Banque followed Volkswagen Financial Services’ triple tranche bond issue on Monday with its own two-part issue on Wednesday. Both car finance banks, as very regular issuers, are unlikely to command the absolute tightest pricing relative to their secondary curves, but demand has also cooled somewhat this week, compared with the avid tone of recent weeks. Nevertheless, pricing tightened a long way.
-
Europe’s most prolific corporate bond issuer re-entered the market on Monday for its second multi-tranche deal of the year, and issued €2.75bn, slightly more than at its €2.5bn outing in January. The book for Volkswagen Financial Services’ three tranche issue was somewhat smaller this time, however.
-
Rating: Baa3/BBB-/BBB-
-
Romania printed a €3bn triple trancher this week, the country’s largest ever euro deal, with one of the three tranches also being the longest ever euro bond from the country.
-
Romania has released initial price guidance for its euro triple tranche bond, a deal which is expected to total over €2bn and includes the sovereign’s first ever euro 30 year bond.
-
Mersen, a French technology manufacturer, will not accept bids from UK-based lenders for its new Schuldschein “in anticipation of a potential Brexit”. Three bankers away from the transaction said they have also discussed excluding UK lenders with other borrowers.
-
-
-
Barclays is under pressure from activist investor Edward Bramson to slim down its investment bank. But among top European IBs, it made the second highest amount of revenue in Europe, the Middle East and Africa in 2018, according to new research. The results were less promising for Deutsche Bank, however.
-
The remarkable €947m listing of Dutch payments firm Adyen was celebrated as GlobalCapital’s ECM Deal of the Year, while also taking home the gongs for IPO of the Year and Best ECM Deal in the Benelux.
