Société Générale

Politicians and regulators might say they want a safer financial system, but they want their banks globally competitive. There’s no better way to ease regulations than to play on these fears — but they’re not always grounded in fact.

Following several months of apprehension in the run-up to Sunday's first round vote in the French presidential election, French banks can now look forward to better issuance conditions and lower funding costs as they build towards their regulatory capital requirements.

Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.

Two Russian borrowers are lining up bonds for next week with Credit Bank of Moscow set to issue its second capital trade of the year, and PhosAgro looking to finance a buyback with a new issue.

Sofina, the Belgian investment company, sold the last of its stake in Eurazeo, the French private equity firm, on Tuesday night through a block trade led by Société Générale in which Eurazeo bought back 1m of its shares.

Banco Santander Totta did well to raise €1bn of seven year funding on Thursday at a record level through govies, given the damaging ramifications for peripheral Europe that would follow if France’s far left and far right presidential candidates made it through to the second round of voting.

Portugal’s Banco Santander Totta has mandated leads for the first Portuguese covered bond since October 2015.

Russian fertiliser producer Phosagro will meet investors from Thursday for its first Eurobond since 2013.

Embattled China Hongqiao Group’s banks have given it a reprieve from a credit crunch, after consenting to a covenant waiver on its $700m syndicated loan.

French flooring firm Tarkett returned to the Schuldschein market on Tuesday and was welcomed by investors with open arms, achieving its tightest ever pricing as a surge of new buyers drive margins down.

The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.

Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.