Société Générale
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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. -
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.
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Agence Française de Développement was comfortably oversubscribed and able to pull in pricing by a basis point from guidance with a climate bond issue on Monday.
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Public sector euro benchmark supply is set to restart after a lull last week, with a eurozone sovereign and a French agency hitting screens on Monday for pricing on Tuesday.
