Société Générale

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.

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.

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.

A busy FIG pipeline started to melt away this week, as speculation about Deutsche Bank’s capital and solvency position turned market sentiment sour.

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.

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.

Spanish natural gas utility Enagás is in talks with its relationship banks to refinance a €1.5bn revolving credit facility.

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.

Rating: Baa2/BBB+/BBB

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.

With as many as three issuers bringing new deals as banks finally grasp the mounting investor appeal of socially responsible debt, the FIG market is on course for its greenest year ever, writes Tyler Davies.

French non-performing loan servicing firm MCS Groupe printed its €200m five year floating rate note at 5.75% over Euribor on Wednesday. The deal received a boost in trading on Thursday as the market welcomed the Fed’s decision to hold interest rates.