Société Générale
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Société Générale returned to the green bond market this week, in the first sign that primary markets could quickly bounce back despite the noise around Deutsche Bank. -
The dollar market for SSAs is set to spark into life on Thursday, with one issuer lining up a debut deal in the currency and another attempting to print at the lowest spread to mid-swaps this year.
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Société Générale returned to the green bond market with a five year issue on Wednesday, as the FIG market showed signs of stability despite continued speculation about the risks facing Deutsche Bank.
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Ghana Coco Board (Cocobod), which oversees the processing and marketing of cocoa in the African country, has named the 23 international lenders providing its yearly loan of $1.8bn.
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A busy FIG pipeline started to melt away this week, as speculation about Deutsche Bank’s capital and solvency position turned market sentiment sour.
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A flurry of equity-linked bond transactions were launched in France this week, including an exchangeable from Crédit Agricole into Eurazeo shares, a rare hybrid perpetual deal from Eramet, the mining company, and a similar €160m buyback by Assystem. And in Spain, Indra Systemas got cracking with its own refinancing exchangeable.
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Vodafone shrugged off a troubling start to the week for primary bond markets on Tuesday by selling a benchmark long seven year transaction that was more than three times oversubscribed and won a single digit concession.
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Spanish natural gas utility Enagás is in talks with its relationship banks to refinance a €1.5bn revolving credit facility.
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Banks are poised to seize this year’s best window for new regulatory capital issues after the Federal Reserve decided against lifting interest rates this week. With primary activity down $15bn on 2015 in Europe and secondary markets reacting positively to the Fed, investors are expecting supply across all asset classes.
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A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week.
