Société Générale

Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan.

Bank of Ireland and Caja Rural Unidas issued this week’s only two covered bonds from Europe’s periphery, both offering attractive concessions.

After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew sizeable interest from Asian buyers.

Global markets are looking more settled and, in spite of little supply this week, bankers suggest that a FIG market reopening trade is imminent.

Covered bonds issued this week by Nordea Finland and DNB Boligkreditt went surprisingly well as, despite being the largest ones on offer, they were the most highly oversubscribed and subsequently posted the best performance.

Enexis, the Dutch electricity grid operator, issued a €500m bond on Tuesday and achieved a six times oversubscribed book, which syndicate bankers hailed as potentially reinvigorating Europe's corporate bond new issue market.

Dominique LeMaire is set to join ING as head of the bank’s new platform to relaunch its leveraged loan and sub-investment grade corporate bond business.

South Korea’s first covered bond under its new rules finally came to fruition with Kookmin Bank selling a long awaited offering that had been in the works since June. But the delay proved worthwhile as the sovereign rating upgrade in September allowed the borrower to win over investors.

After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew a sizeable chunk of Asian investors.

South Korea is set to see a long awaited covered bond this week, with Kookmin Bank finally starting to take orders for what will be the first such issuance since the government enacted new laws last year.

The third largest takeover is on. Brewer SABMiller has agreed to be bought by Anheuser-Busch InBev for £68bn, in a deal that shows continued investment confidence in Africa — one of the main attractions of SABMiller for InBev, which is weak in the continent — bucking the trend of pullback from emerging markets.

Enexis, the Dutch electricity grid operator, issued a €500m bond on Tuesday and achieved a six times oversubscribed book, which syndicate bankers hailed as potentially reinvigorating Europe's corporate bond new issue market.