Société Générale

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.

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.

DP World hit screens on Monday to announce a tender offer of a 2019 Sukuk note and the sale of a new 10 year dollar benchmark.

French electrical utility Engie found success with a benchmark dual tranche issue of corporate bonds on its third visit to the euro bond market in 2018. The company opted for no-grows with both tranches, which served to increase demand markedly compared with its previous deal.

Société Générale is bolstering its corporate finance effort as part of a broader push in its French heartland and beyond, writes David Rothnie.

US firm Medical Properties Trust has signed a €655m secured financing package as the real estate investment firm enters into a European joint venture with France’s Primonial Group.

After a drought of new investment grade corporate bonds from the telecom sector, French operator Orange made it two in two days after Telefónica sold a seven year trade on Tuesday. Orange offered a 12 year tranche as well as another seven year offering, but had to leave something on the table to achieve a €2bn print.

Spanish telecoms company Telefónica sold its second euro-denominated senior bond of 2018, benefitting from one its quietest years of issuance with a single digit new issue premium.

Dutch brewer Heineken took advantage of a quiet market on Monday’s US Labor Day holiday to print a €1.25bn dual tranche deal with new issue premiums some participants saw in single digits.

While Brexit negotiations continued and banks juggled their contingency plans for various outcomes, two UK corporate issuers successfully accessed the euro corporate bond market this week.

The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention and it was able to build the largest order book for a 20 year euro tranche in 2018.

Syndicate bankers on Tuesday’s triple tranche deal from German machinery maker Siemens claimed to be the winners on a day of very competitive supply.