Société Générale
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The name Covivio Hotels is new to the corporate bond markets, however the company behind the brand is not. Formerly known as Foncière des Murs, the hotel investment company sold its first bonds under its new name on Monday. -
French polling and market research firm Ipsos issued its first public corporate bond on Friday, following an investor update, but the responses the company received on the call were inconclusive.
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Yankee financials led the charge in the dollar market this week, as investors showed a strong appetite for high-grade credit.
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Italian multi-utility Iren highlighted the improving sentiment around Italian corporate bond issuers when it priced a €500m seven year green bond 15bp tighter than where similarly rated peer 2i Rete had printed a non-green deal the previous week.
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French asset manager Axiom Alternative Investments has hired Laurent Henrio, the former global head of credit trading activities at Société Générale, to run a new fund buying illiquid credit exposures in banks’ trading books.
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French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.
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Dutch registered machinery and vehicle manufacturer CNH Industrial achieved an order book nearly three times oversubscribed for its first corporate bond sale since Standard & Poor’s raised the company rating to BBB.
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France’s Nexity has signed a €2.3bn corporate credit facility, with the real estate developer refinancing early and ramping up the size of its bank line to finance its growth strategy.
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Société Générale sold its first non-preferred senior deal in Australian dollars this week, as international banks make better use of the currency for their total loss-absorbing capacity (TLAC) requirements.
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The deal flow of high yield bonds kept rising in euros and sterling this week. Four new issuers joined the already heavy pipeline, including a euro bond from UK premium car manufacturer Jaguar Land Rover.
