Société Générale
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Havas, the French advertising and communications company, satisfied investors' taste for the unrated issuer on Tuesday, as it booked nearly three times oversubscription for its €400m bond. -
It has been a stressful time to bring IPOs to market recently, and a good many have failed. But the signs are that 2016 will begin with investors cash-rich and ready to listen to new deal stories.
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Santander was set to sell €1.25bn in seven year fixed rate bonds on Tuesday, appearing in the European senior market for the first time in a year and a half.
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Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.
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The Hungarian Development Bank has mandated three banks for a global investor call in the hope of drumming up enough demand to print a euro-denominated Reg S bond.
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Offshore renminbi funding costs have increased 100bp-150bp in recent weeks after China’s central bank shut down cross-border lending. The move was designed to reduce volatility in offshore renminbi (CNH) ahead of the IMF decision on its Special Drawing Rights basket, several offshore traders have said to GlobalRMB.
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Bayerische Landesbank issued a well oversubscribed Pfandbrief on Tuesday and priced somewhat tighter, and with a longer maturity, than other recently issued German covered bonds.
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Aegon Bank issued its first covered bond on Tuesday, a €750m five year conditional pass through (CPT).
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The European corporate bond market let its traditional reverence for Thanksgiving lapse, printing two deals during the US public holiday on Thursday.
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Danone returned to the corporate bond market on Monday for the second time this year, with a €750m 8.5 year bond.
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BPCE is on the road for its own green bond this week and, after HSBC added to the recent green glut with a tightly priced €500m five year deal, banks are far from quenching their thirst for the asset class.
