Société Générale
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All four investment grade benchmark corporate bond deals that priced last week were from utilities. On Tuesday, Italian multi-services utility, Iren, and Dutch grid operator, Stedin, took the count to six. -
French shipping group CMA CGM will launch a sub-benchmark sized bond on Tuesday, a week after S&P Global upgraded the rating of its unsecured note issuance from CCC+ to B-, bringing it into line with Moody's B3 rating.
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The mandate for Reliance Industries’ $2.5bn refinancing has been revealed. The deal will consist of three portions, the bulk of which will replace a $1.5bn loan taken by one of its subsidiaries in late 2014.
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Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.
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FIG bankers say that Germany’s Commerzbank is unlikely to remain a standalone entity forever. But a tie-up for the bank is firmly in the realm of fantasy M&A for now, writes David Rothnie.
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Empark, Vallourec and Dufry met strong demand for their new high yield bonds this week as investors opened their deep pockets.
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On Wednesday, A2A became the second Italian utility this week to sell a 10 year new issue. The company achieved the current benchmark low single digit new issue premium for its €300m deal.
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UPC Holding, the telecoms company owned by Liberty Global, and UK car glass specialist Belron announced multi-currency term loan offerings on Tuesday.
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Italian gas utility Snam repeated the new issue-and-tender strategy it used in 2016 as it printed its third ever 10 year bond on Tuesday. The company was not able to replicate the zero new issue premium it achieved 12 months ago, but did still price at a very tight spread.
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On Tuesday, Iren, the electricity and gas distributor, announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.
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One of the most widely anticipated IPOs in the EMEA region got going on Thursday when EN+ Group, the Russian power and metals business controlled by Oleg Deripaska, said it would sell up to $1.5bn worth of global depositary receipts in London and Moscow in November.
