Société Générale

Czech investment fund PPF is in the market to syndicate a €3.025bn loan to fund the acquisition of Norwegian telecoms group Telenor’s central eastern European business. The loan is split into two term loans and a revolving credit facility.

Ghana Cocoa Board (Cocobod) has sent off invitations to its annual financing for its cocoa harvest amid concerns it may struggle to repay its previous loan.

FIG bankers said that Société Générale had started with ‘aggressive’ price thoughts for a new dollar-denominated additional tier one deal on Wednesday, as the French bank looked to raise capital ahead of an upcoming call date.

French consulting company Capgemini wasted no time after the Easter break in announcing a new dual-tranche corporate bond issue on Tuesday. The benchmark tranches had 6.5 year and 10 year tenors and were announced alongside a tender offer, but the issuer had to pay a significant premium to its secondary curve.

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.