Société Générale

Equity volatility has threatened a comeback in the past week as markets prepared for the European Central Bank meeting on Thursday. But after the ECB performed within market expectations, announcing a 50% reduction in its bond buying programme, fear gauges settled down once again.

Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.

Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.

French food supplier Danone achieved what is believed to be the most tightly priced corporate hybrid capital issue ever on Monday.

The $1.5bn flotation of EN+, the aluminium and power company controlled by Russian oligarch Oleg Deripaska, in London and Moscow is coming during a hot time for the aluminium market and will help to seal a partnership between Russian producer Rusal and Glencore.

Two issuers from the Middle East this week printed dollar deals with ease this week, covering a range of maturities from five to 30 years and demonstrating demand across the whole curve.

Two more public sector borrowers are set to add to the flurry of socially responsible investments dominating the upcoming SSA pipeline late in the year.

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co (Adnoc), has launched its $3bn dual trancher on Thursday with coupons set at the tight end of final guidance and books in excess of $11bn. Though an analyst said the levels offered looked fair, he said he was disappointed by the lack of transparency into Adnoc offered by the note.

Russian lender Credit Bank of Moscow (CBM) raised Rb14.4bn ($250m) of fresh equity with a 13.4% capital increase this week.

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Euro corporate bond issuance was much cooler on Tuesday after Monday’s fireworks. “Maybe everybody parties on day one and is a bit hung over on day two,” mused one syndicate banker.

Wind Tre, the Italian telecoms company, issued its €7.3bn senior secured bond deal on Tuesday, a day ahead of schedule, and priced all four tranches at the tight end of guidance.