Société Générale

Cote d’Ivoire will be hoping to capitalise on the success of Senegal’s debut euro deal earlier this week as it looks to bring its second bond in that currency.

The European Investment Bank printed a €5bn 10 year benchmark on Wednesday — the second largest deal of the year from a non-sovereign SSA issuer — dispelling any lingering concerns over the market’s reaction to the Italian election result.

On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.

Combined books of $9.5bn enabled the Republic of Senegal to both print the tightest ever dollar 30 year dollar bond from a sub-Saharan African issuer (ex-South Africa), and to revise guidance by 50bp for its euro debut on Tuesday.

Société Générale has promoted Raj Malhotra to the position of head of debt capital markets for Asia Pacific, according to a press release on Wednesday.

Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.

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 still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

Price talk for Senegal’s new euro bond prompted fierce debate on Tuesday morning. Based on guidance, syndicate bankers away from the deal questioned the cost of the deal compared with a dollar issue, though the strong pricing result in euros may have put the debate to rest.

Société Générale has announced new heads of coverage for public sector entities and financial sponsors.

A pair of chunky fundraisings in Asia have been lapped up by banks, as China National Chemical Corp (ChemChina) and Zhejiang Geely Holding Group look to wrap up syndications next week.

Russian Copper Company has signed a $250m loan with a club of banks to refinance a previous facility.

The Export-Import Bank of Korea raked in a larger than expected Rmb1.5bn ($236.5m) from an offshore renminbi bond on Friday, in a deal buoyed by Taiwanese investors’ appetite for new paper.