Société Générale
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South Korea’s Hyundai Capital Services was confident of finding support in a busy bond market on Monday, sealing $500m from an opportunistic trade that was launched without a roadshow. -
French electrical equipment manufacturer Legrand used the same no-grow approach as on its previous two deals for the only new issue in the investment grade corporate bond market on Monday.
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Assystem Technologies, a French engineering specialist owned by Ardian, is launching an add-on to its term loans to fund its purchase of German peer SQS Software Quality Systems, as merger and acquisition deals gain share in the leveraged loan market.
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India's Tata Steel, which mandated a group of 21 lenders in January for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.
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With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer.
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Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.
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French property companies were in vogue this week as Icade sold its fourth corporate bond in two years, further extending its redemption profile, while Mercialys, the firm spun off from supermarkets group Casino, saw its sub-benchmark deal 2.5 times oversubscribed.
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French car leasing company ALD printed its largest ever bond deal when it issued an €800m three year floating rate note this week, just three months after it had printed a similar but smaller deal. Chief financial officer Gilles Momper said the success of the deal was helped by the company’s IPO in 2017.
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The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday.
