Société Générale
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BNP Paribas and Société Générale both announced new plans to slim down their investment banks this week. They posted sharp drops in revenue across global markets operations that were, on balance, a bit worse than those registered so far by the rest of the industry. -
The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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Société Générale announced Jean-François Grégoire’s new job as head of the global markets business unit on Thursday, replacing Frank Drouet. The bank is seeking to slim down the operations of the division.
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On Thursday, Imperial Brands bucked the recent trend of ethical and sustainable corporate bond issuance, but found plenty of demand for its latest deal. The UK tobacco group had not accessed the bond market for more than two years.
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Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.
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GlobalCapital revealed the winners of its 2018 Loan Awards at its annual Syndicated Loans and Leveraged Finance Awards Dinner at the Jumeirah Carlton Tower in London on February 6. The complete results are below. GlobalCapital congratulates all the winners and nominees.
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All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.
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The European Investment Bank on Monday selected the five year part of the curve for its second euro benchmark of the year. The issuer will be hoping to replicate the recent success of public sector agencies in that tenor, including KfW, which achieved a record breaking book for its five year last week.
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Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.
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Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.
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