Société Générale
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The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high. -
The City of Paris printed a sustainability bond on Thursday, shaving several basis points from the spread during execution thanks to a healthily oversubscribed book.
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Société Générale has given additional responsibilities to two senior bankers working in the research department of its corporate and investment bank.
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The Agence Française de Développement (AFD) managed to pull its spread in by 6bp from price guidance on its six year green bond issue today, attracting a heavily oversubscribed book full of investors seemingly ready to buy at any price.
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Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.
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With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.
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Société Générale came to the market with two tranches of senior non-preferred debt on Wednesday, in its fourth offering of the asset class in euros.
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In October, German chemicals company BASF announced it had agreed to buy parts of Bayer’s seed and non-selective herbicide businesses for €5.9bn, all in cash. On Wednesday it started to fund that with a €3bn triple tranche bond sale.
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Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.
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The loan funding for CDPQ and Ardian’s acquisition of a stake in Alvest, the unrated French manufacturer of aeroplane parts, was allocated among a "limited" number of investors on Tuesday, amid growing demand for small and mid-sized credits.
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Nederlandse Waterschapsbank (NWB) launched a four year green bond on Tuesday, pricing flat to its curve and clearing the way for Agence Française de Développement (AFD) to attempt to emulate the Dutch agency’s success.
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On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.
