Société Générale

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.

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

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.

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.

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

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.

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.