Société Générale
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Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition. -
Solarpack Corp Tecnologica, the Spanish solar power generation company, has begun bookbuilding for its €101m IPO on the Spanish Stock Exchanges after the deal prospectus was approved by market regulator CNMV on Tuesday.
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Société Générale followed BPCE into the covered bond market on Tuesday, also taking the opportunity to pre-fund ahead of what many market participants expect to be a busy start to 2019.
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Société Générale has agreed to pay $1.34bn in fines and an enhanced monitoring programme for violating US sanctions against Cuba, Iran, Sudan, Libya, Myanmar and North Korea, according to notices issued by US agencies on Monday.
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Gunvor, the Swiss energy and commodities trading company, has signed a $1.68bn revolving credit facility, having increased it during syndication as lenders piled into the transaction.
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Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofima have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.
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A French public sector borrower has appointed HSBC as sole arranger for its Euro Medium Term Note programme, as it prepares to make its debut in the bond markets.
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The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.
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After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.
