Société Générale

The euro market is set to outshine dollars in the coming weeks, a pair of issuers showed this week as they demonstrated the depth available at the long end of the curve.

Grupo Villar Mir, the family holding company of Juan-Miguel Villar Mir, went head to head with Glencore’s $2.5bn capital raising on Tuesday night, but suffered nothing from the clash, as it sold a 2.36% stake in Abertis Infraestructuras, the toll roads and telecoms infrastructure group.

Sanofi, the French pharmaceuticals company, priced a €2bn three tranche bond on Monday amid heavy supply in the European corporate bond market.

Two state owned corporations, La Poste and Adif Alta Velocidad, this week avoided paying the wider new issue premiums that many corporate issuers have been forced to concede.

Financial services boutique StormHarbour on Wednesday said it has hired for its Madrid office Yago Valderrama, Société Générale’s former head of cross-asset solutions in Spain and Portugal.

Adif Alta Velocidad, the Spanish state high speed rail network company, received heavy domestic demand for its €600m bond issue on Tuesday, which enabled it to pay a single digit new issue premium, as La Poste had the day before.

The European Stability Mechanism has brought its funding total for the fortnight to €9bn with a curve-building 10 year print.

A pair of European supranationals are set to pick up size at the long end of the curve this week, after European Stability Mechanism hired banks for its second benchmark in two weeks.

Sanofi, the French pharmaceutical company, priced a €2bn three tranche bond on Monday — a large slice of the day’s activity as issuers kept up strong supply in a heavy-feeling European corporate bond market.

Société Générale has appointed a new chief executive officer of SocGen Americas and chosen a new head of global finance for United Kingdom.

France’s state postal service La Poste priced a €250m tap with relative ease on Monday, as corporate investors put in orders for a name considered an agency by some. La Poste is rated A/A+.

Davide Campari-Milano, the unrated Italian drinks company, began a roadshow in London on Thursday for its first euro bond issue in three years.