Société Générale
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Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday. -
Interoute, a UK network and cloud services operator, is set to refinance its only high yield bond issue with a new leveraged loan that it launched this week.
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South Korean dollar bonds are hitting the market unabated despite a new missile launch from North Korea last Friday, with Hyundai Capital America and Kookmin Bank marketing new paper.
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Société Générale Corporate & Investment Banking has brought in a senior executive from London to head its Asia Pacific acquisition financing unit.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Korea Development Bank assured investors that all is well in the South Korean market by selling a closely watched triple tranche deal the day after the United Nations announced sanctions against its northern neighbour. The policy bank managed to grab $1bn, but the transaction wasn’t without its challenges. Morgan Davis reports.
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UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.
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Russia’s Novolipetsk Steel (NLMK) was making prudent use of lower funding costs on Thursday to buy back its more expensive outstanding dollar debt.
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The European Investment Bank raised €3bn with a December 2023 EARN on Wednesday, coming hot on the heels of Austria's €7.5bn dual tranche, but the flow of euro deals appears to be abating with no borrowers hitting screens for Thursday.
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Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years. However, that changed on Wednesday when French water and waste company, Suez Environnement pushed through to 15 years with a €500m trade.
