Société Générale
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CPPIB Capital will sell its first ever green bond this week, coming on the heels of a French region’s foray into green and sustainability bonds. -
Strong investor demand for Export-Import Bank of Korea’s renminbi credit took the issuer back to the Formosa bond market on Thursday for a Rmb1.5bn ($234.8bn) outing. The transaction came just over three months after the policy bank sealed a public deal in the same market.
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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan.
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The tone in Europe’s corporate bond new issue market continued to strengthen on Thursday, as two issuers came to market and achieved strong sales, despite a wider market that worsened during the day.
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Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.
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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.
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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.
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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.
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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.
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The State of North Rhine-Westphalia (Land NRW) hit screens on Monday to announce a long dated euro benchmark.
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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.
