Société Générale

A year can go by without an IPO in Prague, but this week has brought two. The day after GE Money Bank set out to float, Energetický a průmyslový holding (EPH), the Czech coal, gas and power company, began investor education for its plan to list EP Infrastructure, its energy transmission and distribution business.

The bookbuild began on Tuesday for the Paris IPO of Mediawan, a special purpose acquisition company (Spac) set up by three big hitters of French business to buy media and entertainment businesses.

A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.

France is preparing its first dual tranche trade, targeting the 20 and 50 year parts of the curve, while bankers expect the European Stability Mechanism to aim for a shorter tenor this week.

Banks are shrinking, the industry is shrinking, and big splashy hires are a thing of the past. So when a senior FIG banker, in a secure seat, at a solid institution jumps ship, there’s a mystery afoot.

Yankee banks took full advantage of strong funding conditions and the undivided attention of investors to print a volley of senior paper this week, as Wall Street’s heavyweights skulked in earnings blackout.

Islamic Corporation for Development (ICD) printed a $300m five year sukuk on Wednesday. But it drew heavy criticism for having priced at the wide end of guidance with a lower size than the benchmark originally targeted.

The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.

Rating: Aaa/AA+/AAA

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.