Société Générale
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Investors gorged themselves on McDonald’s bonds on Tuesday, as the US hamburger restaurant chain issued €2.5bn of bonds in three tranches, which were nearly six times oversubscribed. -
Books for Turkiye Cumhuriyeti Ziraat Bankasi’s $500m bond closed with books over $2bn on Monday and the bank paying only a 10bp new issue premium for the note, according to a lead manager.
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Books for Turkiye Cumhuriyeti Ziraat Bankasi were at $1bn before the US open on Monday for a five year senior unsecured bond.
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Société Générale has appointed Yann Garnier as head of global markets for Asia Pacific, replacing Frank Drouet who recently took on the role of head of global markets.
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The chance of the United Kingdom voting to leave the European Union has been driving sterling option premiums sharply higher, but so far has not affected the price of risk in the euro. That, say strategists, is likely to change.
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European Central Bank president Mario Draghi kept his powder dry at his latest monetary policy meeting on Thursday, sending eurozone government bond yields higher — something that is likely to be welcomed in the offices of the European Stability Mechanism.
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The European IPO market’s busy spring season received further encouragement this week, when its second and third major deals, for Forterra and Mediawan, were both completed — though Forterra’s was priced at the bottom of the range and edged down in trading.
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Italy wowed the market on Tuesday with the second blow-out 20 year sovereign benchmark in as many weeks, as bankers tipped other issuers to try out the unconventional maturity.
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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.
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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.
