Société Générale

The volume of new equity-linked deals in Europe is down significantly this year compared with the same period in 2017, but market participants hope for a recovery when the ECB starts raising rates.

Berlin property company ADO Properties had planned to issue its second corporate bond in recent weeks, following a successful investor update. However, a high profile bribery case in Israel has put the deal on hold for now.

The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.

Lotte Property and Development Co debuted in the sustainable bond market on Tuesday with a floating rate three year note. While the sustainability label drew some attention to the $200m transaction, it was the issuer’s Kookmin Bank guarantee that swayed investors.

Rating: Aa1/—/AAA

China Aircraft Leasing is back with a $790m borrowing, pushing for a longer tenor to support its aircraft purchasing.

Reliance Industries has made a quick return to the offshore loan market with a $2.7bn refinancing deal, having picked 17 banks to act as mandated lead arrangers and bookrunners.

Société Générale has made three promotions in its financial institutions coverage group, naming a new head of corporate finance, new head of FIG ECM, and head of the group for Switzerland.

Rewables fund Tages Helios has taken out five credit lines totalling €452.5m from a syndicate of banks to refinance a portfolio of solar plants, as Italian names continue to win capital markets support despite some investors' distaste for the political direction of the country.

The European Stability Mechanism on Tuesday won huge demand for its first five year euro benchmark since October 2015, showcasing returning investor appetite in the short end of the curve.

Nonghyup Bank returned to the dollar market on Monday, making the most of an improvement in investor sentiment. The South Korean bank was able to price its new bond with little to no new issue premium.

The European Stability Mechanism has appointed leads for its first five year euro benchmark in nearly three years.