Société Générale
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Books were several times oversubscribed and new issue premiums often dropped to zero this week, ahead of an ECB move that was widely expected — but everybody is aware that market backlashes do happen. -
Vallourec’s €480m rescue rights issue is heading for a successful conclusion on Friday April 22, bankers working on it said this week.
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Forterra and Mediawan have closed and completed their IPO bookbuilds this afternoon, though Forterra’s will be priced at the bottom end of the range.
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Heineken launched a 10 year bond today, almost immediately after publishing its first quarter results, and ended up increasing the deal to €800m on strong demand.
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‘Rogue traders’ have struck again — Tijane Thiam, Credit Suisse’s chief executive, doesn’t seem sure quite how his traders ran up such large positions, but they’re being blamed for $750m of losses and writedowns since October 2015. The Swiss bank’s distressed debt desk joins a long line of unauthorised big losers stretching back four decades.
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Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has mandated three banks for its debut euro bond — a deal that has been expected since 2014.
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Italy enticed investors out the curve on Tuesday with its first ever 20 year euro benchmark, offering a pick-up of around 40bp over where its 15 year benchmark — a more traditional pricing point for the sovereign — was trading in secondaries.
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Société Générale has named Frank Drouet as its new head of global markets, promoting him from his position overseeing global markets for Asia Pacific.
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Distribuidora Internacional de Alimentación, the Spanish discount food retailer, issued €300m of five year bonds on a busy Monday when there were two other deals in the market.
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Several of Europe’s IPOs moved forward today, with coverage and pricing updates and the launches of bookbuilds.
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Another blistering week for euro issuance from public sector borrowers brought a dual tranche 20 and 50 year benchmark from the French government that other sovereigns could ape — but only if their liquidity strategy allows it, writes Craig McGlashan.
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