Société Générale

Novolipetsk Steel’s book build was a riot on Wednesday morning as investors clamoured to get hold of paper from the first of the three Russian corporates carrying out liability management exercises this week.

Emerging market bonds gained renewed energy this week as the likelihood of a US rate rise in June fell. A torrent of issuers are bringing new bonds on both sides of the Atlantic.

The Republic of Indonesia sold its first 12 year euro note as part of a dual-tranche return to the European bond market on Tuesday. It had to pay up over its dollar curve, but the elevated cost proved no hardship as the sovereign is keen to make its presence felt among European investors.

Titan Cement is set to become the first high yield issuer of the year from Greece, after more than six months without issuance from the country.

Île-de-France was able to tighten pricing by 5bp from initial price thoughts for its fourth foray into the green bond market and still managed to increase the deal from its initial target size.

The 10 year Bund yield hit a record intraday low on Tuesday, as a German region increased a deal size and a French agency lined up an unconventional eight year deal.

German housing company Vonovia on Monday demonstrated that issuer friendly deals were still available without having the European Central Bank as a buyer, printing a €1bn dual tranche bond with satisfying concessions.

Abu Dhabi National Energy Company (Taqa) is embarking on a roadshow for a new dollar senior unsecured bond through six banks.

Issuers from the Gulf Co-operation Council region have pumped record breaking volumes of dollar bonds into the market this year already. With yields so low in euros, they are debating with bankers whether the single currency could provide a major new source of funding at a time of heightened borrowing needs.

Indonesia returned to euro-denominated bonds on Tuesday. It will still have to pay up over its dollar curve, according to EM bankers, despite the low yields in euros.

Koninklijke BAM Groep, the Dutch construction company, raised €125m on Monday with a rare subordinated convertible bond issue, which becomes its only traded debt instrument.

Île-de-France will open books for its fourth green bond on Tuesday morning, in spite of troubling US jobs data.