Société Générale

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.

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.

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.

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.

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.

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.

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.

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.

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.

German car manufacturer Daimler has proven a good medium to track the tightening of euro corporate bond credit spreads in 2017, having issued more than €9bn before the end of October. On Tuesday, a €1bn 10 year deal took that total within €1bn of the issuer’s 2016 total, but it didn’t come cheap.

Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.

As investor demand for ESG products grows, an exchange traded fund tracking companies with good policies on gender equality began trading on Euronext this Monday.