Société Générale
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ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply line is fading into the summer sun faster than the demand. -
ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply is drying up in the summer heat faster than the demand.
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BC Partners has agreed to buy German cloud technology firm PlusServer from US internet group GoDaddy, mandating Société Générale with an all senior loan package due in early September.
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Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.
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Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.
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The recent boom in high yield bond issuance has left traces of investor indigestion, but French data manager Infopro Digital enjoyed a warm reception for its rare loan-to-bond refinancing deal.
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Corporate bond issuance volume in Europe this week was lighter than previous weeks. However, there were still seven issuers that priced deals. The main difference this week was the size of deals. Nestlé’s €850m eight year transaction was the largest one to print, but most order books were still at least twice oversubscribed as investors showed little sign of slowing down for the summer.
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Korea Gas Corp took advantage of an improvement in market sentiment after US Federal Reserve chair Janet Yellen spoke to Congress, sealing an $800m dual tranche deal on Thursday.
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The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.
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On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group’s rating after the announcement, but there was no discernible drop in demand for this transaction.
