Société Générale
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French supermarket chain Auchan attracted plenty of demand for its third consecutive January new issue but it had to pay a hefty new issue premium to ensure the deal got done. The supermarket sector is one of several retail sectors priming investors for poor annual results. -
South Korea’s Suhyup Bank returned to the international bond market on Tuesday after a near five year hiatus to raise $300m.
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Spain came to market on Tuesday, printing its traditional January 10 year euro benchmark and receiving an overwhelming level of demand.
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New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.
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Spain mandated banks on Monday for its first syndicated bond of the year, as it looks to replicate the success of other eurozone sovereign syndications so far in 2019.
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A €5bn wall of demand chased a trio covered bonds issued on Monday by Société Générale, PKO Bank Hipoteczny and Deutsche Pfandbriefbank and showed that, after a shaky start to 2019, the market has now found form.
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Takeaway.com, the Dutch online food ordering company, hit the market on Thursday night with its pre-announced sale of new shares and convertible bonds to fund its €930m acquisition of Delivery Hero’s German operations. Both tranches of the trade attractive significant demand.
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Ghanaian banks’ avenues for dollar funding could be set to grow, after one of the country’s financial institutions entered into a total return swap with Société Générale that soothed over bottlenecks in its repo markets.
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Société Générale said it had appointed Peter McGahan as UK head of coverage and investment banking, a role previously held by Sadia Ricke. Ricke remains UK chief country officer.
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Italy and the European Investment received combined orders of over €50bn in the euro public sector market on Tuesday before what could be an even more uncertain period in Europe, with the UK parliament set to vote on prime minister Theresa May’s Brexit withdrawal agreement later in the evening.
