Société Générale

Shares in Tullow Oil, the Anglo-Irish oil and gas drilling company, closed 5.5% higher on Thursday on an adjusted basis, after they began trading ex-rights before its £607m rights issue.

Gestamp Automoción, the Spanish car parts maker, has completed the largest Spanish IPO of the year so far, having priced the deal at the bottom of its initial price range late on Wednesday.

Spanish car parts supplier Grupo Antolin found strong demand for its refinancing deal on Thursday in a high yield market where new bond sale volumes have dropped to less than a third of March’s €3bn average.

Norilsk Nickel printed a new six year bond 15bp inside its curve on Wednesday, but the volume of orders that dropped from the order book from the order book suggested that not all were happy with the pricing.

The European Financial Stability Facility has launched a dual tranche, picking up a combined €5bn and putting to rest any concerns over its ability to pick up long dated funding.

Russian borrowers are wasting no time in dealing with the $7.29bn of corporate bonds about to come due. After a record $2.8bn poured into the asset class last week, it is easy to see why borrowers view this as the time to tap the market.

The European Financial Stability Facility (EFSF) will kick off its second quarter funding programme with a dual tranche. The deal hits screens as the European Central Bank cuts its asset purchase programme from €80bn per month to €60bn per month.

Sovcomflot reopened its 2023 bond on Monday as Norilsk Nickel looks to extend its dollar curve by a year.

Chinese iron and steel making conglomerate Hesteel Group Co has snapped up $500m on the back of a price rally in the steel sector onshore, with bankers praising the company’s efforts to woo accounts during a roadshow.

Electricité de France’s €4.018bn three-for-10 rights issue has been oversubscribed, despite the continuing alarming flow of headlines about the nuclear power industry, and the approach of a French presidential election that could bring the far right to power.

Credit Bank of Moscow reopened the new style tier two market for Russian issuers in style on Wednesday with a $600m deal that was five times subscribed.

Issuers from Greater China are dominating the dollar debt market, as they vie for investor attention on Thursday alongside a couple of south and southeast Asian names.