Société Générale
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With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print
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Deals show investors’ constructive sentiment
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Almost €4bn of orders allowed ANZ to land its labelled subordinated deal through fair value
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Spanish telco lands inside fair value with the year’s hottest bond structure
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Wise early refinancing means many issuers do not need to borrow
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Electric company goes as far as 30 year but deal shows small signs of waning demand for ultra-long corporate debt
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Competition for investor attention is fierce, with three year bonds also from JBIC and Opec Fund
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‘Fatigue’ in the market could be hurting smaller issuers
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Greece and a Canadian province both mandated for 10 year trades on Monday
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Issuer marks return to market with single digit new issue concession
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Primary activity from SSAs has slowed towards the end of the week
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Issuer hopes to issue more at the long end of its curve throughout 2023