Société Générale
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On Thursday the European corporate bond markets had two new telecoms deals to consider. In the investment grade sector, unrated French issuer, Iliad, equalled its largest and longest transaction to date. The seven year trade was the shorter deal on offer, with sub-investment grade Telecom Italia opting for a 10 year tenor. -
Investors piled into a 10 year covered bond from Société Générale this week, even though it was the fifth from a French issuer in the same tenor in the last month. But with issuers incentivised to pre-fund ahead of 2018, some market participants say that investor resistance will be seen before year-end.
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Ireland has sold its first negative yielding bond, raising €4bn with a five year. The deal pulled in €10.1bn of orders, despite some trepidation over the developing situation between Catalonia and Spain.
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High yield and emerging market crossover issuer Puma Energy saw demand of more than $2bn for a seven year non-call three year bond on Tuesday, prompting the issuer to slash pricing and increase the size of the trade.
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Elis, the French laundry services company, issued a €400m convertible bond on Tuesday to refinance its £2.2bn acquisition of Berendsen in the UK, which closed in September.
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Ireland returned to screens on Monday, mandating six banks for the sovereign’s first syndication since January. The proceeds from the issue will go to repaying the country’s remaining loans from the International Monetary Fund.
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Norsk Hydro completed its buyout of fellow Norwegian aluminium producer Sapa, valued at Nkr27bn ($3.38bn) on Monday, drawing in part on its existing five year revolving credit facility.
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Total, the French oil company, has been a frequent issuer of euro bonds, raising €7bn in 2016 and more than €5bn in each of the two previous years. However, it waited until the last week of September to sell its first new issue in euros in 2017.
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Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn to print its second senior trade of the year in what bankers said was a notably softer market.
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CPI Property, a big owner of real estate in central and eastern Europe, took to euros for its first international bond on Wednesday, and in doing so priced the biggest ever real estate bond from the region.
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ING is planning to bring on a director of leveraged capital markets from Société Générale early next year.
