Société Générale
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Santander has added its name to the list of European banks issuing senior non-preferred bonds this week, even though Spanish law cannot yet accommodate the new asset class. -
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Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday.
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Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.
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UK premium car maker Jaguar Land Rover on Thursday sold its first euro bond at one of the lowest coupons seen in the high yield market in the last two years.
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The week's heavy pace of investment grade corporate bond supply extended into Thursday, as lower rated issuers dominated deal flow and crossover names thrived.
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BPCE has filed documentation allowing it to issue total-loss absorbing capacity (TLAC) eligible senior bonds in the Samurai market, and the first ever yen-denominated non-preferred issue could arrive as early as next week.
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Shares of Engie, the power and gas company, traded solidly on Wednesday and Thursday after the French government's block trade in the stock on Tuesday night won strong demand, enabling the lead managers to increase it by 10% and price above the bottom of the marketed range.
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Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.
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Portugal took out around a fifth of its funding programme for 2017 on Wednesday, printing a €3bn 10 year deal. Bankers away from the trade said pricing looked a little cheap — but at the same time defended the sovereign’s debt office for playing it safe to win size.
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With most senior bankers and investors now back from holidays, equity capital markets in EMEA have burst into life this week, with the launch of two large capital increases and a sizeable state block trade in Engie.
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The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.
