Société Générale

The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, began trading in London and Moscow on Friday after the book for its $1.5bn IPO came together at “the last minute,” according to a banker on the deal.

A wave of public sector borrowers is set to hit screens next week, providing investors who have recently been lacking socially responsible bond issues with a well stocked menu of ethically themed deals.

Bank Nederlandse Gemeenten (BNG) launched its fourth sustainability bond on Thursday, printing €750m into what one head of DCM away from the trade called a “massively oversubscribed book”, in what is likely a good omen for the approaching wave of SRI borrowing.

After two days of public holidays in Germany, euro corporate bond bankers launched the first new issues of the week on Thursday. Two frequent German issuers, Aroundtown and Daimler, broke the silence.

Saudi Electricity Co’s $1.75bn loan has been successfully sold down to four other banks.

The IPO of EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, has got covered at its base size, on the penultimate day of the bookbuild.

Oman electrical distribution company Mazoon has opened books on a 10 year sukuk with a chunky premium at mid to high 5%, leading to plenty of investor interest — despite the glut of Middle Eastern trades.

Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years.

Richard Griffiths will stop heading Danske Bank’s loan syndication team on November 1, and Paul Smith — who currently heads leverage finance syndicate — will take over. It is unclear what Richard Griffiths, who has worked with Danske Bank for the last 15 years, will pursue next.

A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.

Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.