Société Générale

Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which was used to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.

A selloff led by worries over tech and tariffs has continued from last week, with some bank strategists beginning to doubt there will be a return to the market conditions seen in January and the second half of 2017.

Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to.

Agricultural commodities trader ED&F Man has signed three revolving credit facilities totaling $1.128bn, bringing the UK company’s committed funds to more than $2.4bn at a time when the company’s sugar and grains businesses have taken a hammering.

This week is a tale of two IPOs and how sellers react to the market volatility. One seller has decided to pull a deal that no longer made financial sense, while another has chosen to resize its IPO to get it done.

Saudi Arabia has had to scale back banks grappling to get on its $16bn loan, which will be used to refinance a $10bn loan taken out in 2016.

Europe’s corporate bond new issue market is distinctly subdued as Easter Week begins. Investors, issuers and banks alike feel the market could do with a gap to digest the very heavy issuance earlier this month. This week brought two liability management deals, one with a new issue.

The pipeline of high yield deals from German real estate borrowers is finally building up after more than two years of work with underwriters and lawyers. A new €300m bond from Corestate should pave the way for more players to shift their funding from bank loans to bonds, said market participants.

Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.

Russian gold miner Nordgold and coal company Siberian Coal Energy Co (Suek) signed syndicated loans in the week leading up to Vladimir Putin’s victory in the Russian general elections.

The shock departure of deputy chief executive Didier Valet from Société Générale last week leaves a hole at the top of the bank’s corporate and investment bank that will be difficult to fill, writes David Rothnie

GlobalCapital revealed the winners of its Equity Capital Markets Awards 2017 at our third annual Awards Dinner in London on March 20. CEOs and CFOs were present to collect Awards for landmark deals such as the UniCredit and Santander rights issues and the IPOs of Allied Irish Banks and Pirelli.