Société Générale

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.

The phenomenal levels of demand hitting the investment grade corporate bond market were evident again on Tuesday, as German property firm Alstria Office was vindicated in delaying its €500m offering.

The Islamic Corporation for Development has released initial price guidance for its dollar benchmark five year sukuk and is expecting to print the note later on Tuesday.

LeasePlan Corp, the Dutch car finance bank that recently struggled through tough bond market conditions to price a €1.55bn subordinated high yield deal to finance its takeover by a group of institutional investors, had a very different experience on Monday when its first senior bond issue since the takeover was a huge hit with investors.