Société Générale

LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.

Inovyn, the UK-headquartered PVC producer 50% owned by Ineos, and Telenet, the Belgium broadband services provider owned by Liberty Global, both had replies due on Thursday for loan packages.

After a week of no new paper in CEEMEA, EM bankers are looking forward to a busier next week as four bonds are slated from the region and the market looks supportive enough to allow issuers to pull the trigger.

Kelvin Leung has left Credit Suisse’s non-Japan Asia equity syndicate desk to pursue other interests, according to a source close to the move.

Mubadala Development Company has set the size of its bond at $500m and meetings for the deal are so far going well, said a banker close to the deal on Thursday.

Italy’s scramble to prop up its weaker banks has halted what had been a strengthening rally in periphery bank debt last month, with the most recent deals all widening this week.

Rexel, the French distributor of electrical supplies, on Wednesday sold €650m of unsecured notes on a day when investment grade buyers moved into the high yield market.

Spanish car parts maker Gestamp on Wednesday priced a €500m secured bond to redeem all of its old euro notes at first call.

Société Générale will seek further savings from business cuts at its investment bank, after posting a surprise first quarter profit on the back of a strong retail banking performance.

French retailer Fnac has agreed a short term loan agreement to finance its acquisition of Darty shares, made during its bidding war with South African retailer Steinhoff.

Société Générale has named David Gore as head of shipping and offshore finance for Asia Pacific, replacing Gareth Williams, who is taking over as head of loan syndicate and sales for the region.

A flotilla of IPOs reached harbour safely this week, through waters calmed by the European Central Bank’s quantitative easing medicine, and whatever other magical ingredient has made financial professionals feel so much better since Easter. But one debutant tripped up and another IPO was pulled.