Société Générale
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On Thursday, Volkswagen Leasing became the second German auto related issuer to print a triple tranche this week. However, it opted for shorter tenors than Daimler had on Monday.
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French media content producer Banijay is funding the acquisition of Castaway Television with its first ever bond. It has scheduled pricing for Friday, rising the tally of potential high yield bond sales above €2bn for this week. -
Korian, the French group that provides care homes for the elderly, on Wednesday became one of the very few companies to have issued a convertible bond structured to gain equity credit under IFRS.
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So far this week, euro corporate bond investors have had to choose between three tranches from an individual issuer. On Wednesday, they had a choice of three issuers, with different ratings and offering different tenors.
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Société Générale raised £42.8m by selling its last shares in TBC Bank Group, the London-listed Georgian lender, on Tuesday night, after pricing the shares at a 6.6% discount.
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Russia’s EuroChem once again appeared to prove on Monday that it can squeeze bond investors for every last basis point and get away with it, but one of the bookrunners ended up owning up to half of the deal.
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Though some bankers have detected a cooling of investors’ thirst for European IPOs in recent weeks, the right names are still flying off the shelves. Delivery Hero, the online food ordering service, is guiding investors in its €866m deal to the top of the price range, and shares in restaurant chain Vapiano rose on their debut.
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On Tuesday, Gecina, the French property company, latched onto the latest trend for issuance in the multi-tranche European corporate bond. The triple tranche €1.5bn deal will be used to refinance part of the bridge facility used by Gecina to acquire Eurosic.
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EuroChem had taken books of $1.2bn by lunchtime on Tuesday after opening books on a four year trade a week after finishing its roadshow. Falling oil prices and a Russia sovereign trade last week meant the issuer decided to wait for a firmer market before launching its deal.
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Carmila, the retail property owner and manager owned by Carrefour, launched its capital increase today, seeking €503m of new capital, after its merger this month with Cardety.
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South Korea's Nonghyup Bank is readying investors for its annual dollar bond.
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