Société Générale
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French car hire firm Europcar Group on Tuesday sold a €125m tap of its 2022 bond in a high yield market that is longing for more single-B issuance. -
Three Russian corporates are looking to hammer out deals in the wake of the sovereign’s return to the bond market last week. All are refining their debt profiles with a combined buyback and new offer.
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PKN Orlen was on track to print a seven year dollar bond with books over €1.5bn at guidance on Wednesday.
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The CEEMEA bond market is in full flow as issuers jump in ahead of the FOMC meeting, Brexit vote and Ramadan. Two issuers are out with initial price thoughts and a string of others have mandated for new bonds.
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Corporate bond new issuance in Europe has eased off the accelerator, with market participants talking of oversupply in recent weeks. But two events on the horizon are exerting an influence: the Brexit referendum on June 23 and the European Central Bank’s expected start of its Corporate Sector Purchase Programme.
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French aerospace and defence company Thales returned to the European corporate bond market this week after a three year absence, printing a €600m seven year bond and clinching a 0bp new issue premium.
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Insurance firm Delta Lloyd has agreed its first revolving credit facility for €600m but the borrower has no immediate plans to draw on the facility, according to the Dutch firm’s chief financial officer.
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Ghana Cocoa Board (Cocobod) will complete senior syndication of its $1.8bn annual loan and launch the general phase next week, according to a lead banker.
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Korea Gas Corp (KoGas) has kicked off preparations for its first international bond of the year, which will hit the market next month.
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Philips Lighting and Maisons du Monde’s IPOs have run precisely along the same timelines, with many similarities in how the sales went, and today their debut trading performances also ran in parallel, as both stocks jumped. Philips Lighting closed up 10% and Maisons du Monde 5.9%.
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Italian energy company Enel on Thursday completed a €1.26bn exchange offer that strengthened the return of debt-backed tender offers in the European corporate market.
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