Société Générale

Guarantor: Federal Republic of Germany

European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.

The UK’s largest dental company Mydentist on Thursday launched a £425m bond to refinance all of its debt, becoming the first high yield sterling deal since the country voted to leave the European Union.

Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.

Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.

Kazakhstani crude oil company Tengizchevroil (TCO) has released price guidance for its $1bn 10 year bond at 300bp over US Treasuries, a level that one analyst called fair.

NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.

Spain drew nearly €30bn of orders for a new €6bn 10 year benchmark on Tuesday, as Cyprus tightened pricing by 20bp on a seven year deal.

Lead managers on the bond for Kazakhstani crude oil company Tengizchevroil (TCO) on Tuesday confirmed that the deal would be a $1bn 10 year note.

A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers.

Swedish car safety specialist Autoliv has refinanced a $1.1bn revolving credit facility, with two banks leaving and two joining the syndicate. Deals in the region have seen rival lenders increase their share of bookrunning volumes this year.

The Republic of Macedonia delayed its Eurobond sale on Thursday after a political opponent to the government challenged the legality of the issue.