Société Générale

Carrefour, the French supermarkets group, sold Europe's second corporate bond deal of the week on Tuesday, as the market slowly recovered from the volatility of the previous week. There still remained some nervousness around market conditions, however, so Carrefour had to ensure it offered investors a healthy premium.

Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.

Hyundai Capital America took advantage of investors’ newfound love of floating rate notes on Monday, sealing a $1.3bn triple-tranche deal led by a three year floater.

A report that UniCredit is considering a merger with Société Générale — which would create a powerful champion in European corporate debt — provoked strong feelings among capital markets specialists on Monday. The story appears to have taken UniCredit’s management by surprise, just after a bruising period for Italy in capital markets. But although some like the idea in principle and others scorn it, none believe a merger at some stage is impossible.

The State of North Rhine-Westphalia (Land NRW) hit screens on Monday to announce a long dated euro benchmark.

African debut issuer Vivo Energy was the only borrower from CEEMEA to make an official mandate announcement this week after sustained weakness in global markets kept seven others on the sidelines, but EM bankers are not predicting sustained periods of stability will return.

African debut issuer Vivo Energy, the sole distributor of Shell products on the continent, is beginning to market a $400m bond this week.

David So, an executive director for debt capital markets, Asia Pacific, is leaving Natixis to join a competitor.

The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.

Dexia Crédit Local scored what leads said was a good result on Thursday as it brought a trade at the upper end of its size plans and tightened pricing during another volatile day for eurozone rates. KfW was also out in euros, with a tap, although it appeared to be more of a slow burner.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, printed its dual tranche euro bond on Wednesday in a tough market that allowed for no tightening from initial price guidance and book that was only just covered.

BNP Paribas has hired a new loans banker in Singapore even as a senior executive leaves its southeast Asia originations unit, sources close to the move said.