Société Générale

Cheap euro loans from European banks are attracting the attention of typically dollar hungry EM borrowers, as Qatar National Bank (QNB) launched a rare offer in the currency.

Mercuria, the Swiss energy and commodity trader, is set to launch its annual European refinancing loan next week, according to a banker familiar with the deal.

Lagardère, the unrated French media company, went beyond its usual five year tenor on Wednesday as it issued a €500m seven year bond that garnered plenty of demand.

Hong Kong-based commodities trader Noble Group is back in the market for a $1bn loan to refinance outstanding debt. But the company is paying up dearly for the fundraising as it battles scepticism around its sector and the state of its financials. Shruti Chaturvedi reports.

The Islamic Corporation for Development printed its $300m five year sukuk on Wednesday but drew heavy criticism for having priced at the wide end of guidance with a lower size than the “benchmark” originally targeted, and for a lacklustre performance in the secondary markets on Thursday.

The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled.

Telefónica hit the European bond market on Wednesday for a €2.75bn dual tranche deal that drew hefty demand, but later widened in secondary.

The Islamic Corporation for Development set the spread on its benchmark sukuk at the wide end of guidance on Tuesday afternoon in London, but by Wednesday midday the sukuk had still not been priced.

Loss-making commodities trader Noble Group has launched a richly priced $1bn one year refinancing into general syndication.

Réseau de Transport d’Électricité (RTE) rolled out the European corporate bond market’s second 20 year bond of the year on Tuesday as investors lapped up the duration on offer.

ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry.

Qatar National Bank is turning to euro funding with its latest €1.5bn loan, which was launched on Tuesday.