Société Générale

Wednesday will be debut day in the green bond market, with Ireland preparing a 12 year inaugural euro benchmark and Société du Grand Paris (SGP) out with a 10 year that will also be its first bond issue of any kind. Both must contend with a market backdrop rife with Italian politics-driven turbulence, although SGP’s deal has so far had what one lead called “one of the strongest starts I’ve seen for a French issuer”.

Ireland’s CDB Aviation has signed a $700m secured portfolio financing facility from eight banks, as the company looks to diversify its funding sources.

German car manufacturer Volkswagen livened up investors’ Tuesday with a new triple-tranche deal.

Russia’s Ural Mining and Metallurgical Company (UMMC) has signed its debut syndicated loan, as lenders remain resolute that sanctions have not made the country a no-go zone.

Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example.

Romania was able to cut the spreads on both tranches of its euro benchmark on Thursday.

Asian Development Bank received large demand for its inaugural Sonia-linked floater on Tuesday, despite offering no new issue concession. The supranational saw a number of new accounts and was able to increase the size of the deal to set the largest volume it has sold in sterling to date.

Rating: B1/B+

Public sector bond market participants are growing increasingly frustrated at the pace of the implementation of Ester, the alternative euro risk-free rate to replace Euribor. Borrowers are unable to plan for, let alone issue, a bond linked to the benchmark without the rate being published by the European Central Bank. That leaves the euro far behind other markets where Libor is being replaced, writes Burhan Khadbai.

Romania hit screens on Thursday morning for its second dual tranche euro benchmark of the year.

A dearth of corporate bond supply on Wednesday, due to a German public holiday, was followed by deals from airport operators in two markets on Thursday. Aéroports de Paris (AdP) opted for the domestic route, while Heathrow made its first visit to the Australian market.

India’s UPL Corp has launched a $3bn five year term loan into general syndication to support its acquisition of Arysta LifeScience.