Société Générale
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Yapi Kredi shrugged off last Friday’s downgrade by Moody’s and was well on its way to selling a new five year senior bond on Monday morning, having started around 40bp back of fair value, according to a lead manager. -
Godewind Immobilien, the German real estate company led by the former CEO and CFO of WCM, has filed an intention to float document to list on the Frankfurt Stock Exchange in a €450m IPO.
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Credito Valtellinese, the Lombard bank which is raising capital to meet requirements of the European Central Bank, has announced that investors have taken 83% of its pre-emptive rights issue, with several firms anchoring the deal.
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French car manufacturer Peugeot has been on a ratings rollercoaster in the last 10 years. On Friday, now back to the highest sub-investment grade ratings, the company sold its third seven year deal in three years.
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French property company Gecina started its funding programme for 2018 with a €500m 12 year offering on Wednesday after selling €2.5bn of bonds in 2017.
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German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.
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China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.
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The pipeline for euro-denominated African bonds is beginning to bulge, with Cote d’Ivoire announcing plans to follow Senegal to the market this week and Tunisia and Egypt preparing their own deals. But, as Virginia Furness reports, while large euro books show there is strong appetite for speculative grade supply, and is opening up a new funding channel for EM borrowers, the cost of funding in the currency versus dollars is unlikely to improve.
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Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.
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Ma returns to HSBC — Morgan Stanley Indo banker exits — SocGen promotes Malhotra — Credit Suisse loans chief leaves — Citi loses HK, Macau head — JPM dealmaker heads to start-up — UBS sees senior departures
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China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak.
