Société Générale
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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. -
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.
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Not one to mince its words, Republic of Congo has said it "vigorously contests" S&P's decision to downgrade its foreign currency issuer rating to CCC on Friday.
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Korea Gas Corp opened books for a dual tranche dollar deal on Thursday, more than a month after wrapping up a roadshow in Europe. Industrial Bank of Korea and Doosan Infracore, meanwhile, have mandated banks for new dollar transactions.
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The head of Société Générale’s equity and derivatives trading business in the UK, Dan Cohen, has decided to leave the company, GlobalCapital can confirm.
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SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.
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Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.
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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.
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South Korea’s Nonghyup Bank reeled in investors for its $500m five year bond at the start of the week, pricing the notes flat to its existing curve.
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Only one new issue was announced on Monday in the European corporate bond markets. While Telekom Austria brought a tap of a recent deal, the French fleet management and car leasing company, ALD, came to market with its largest transaction to date, offering a longer tenor than any of its previous deals.
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Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.
