Société Générale
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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.
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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.
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The European Stability Mechanism has brought its funding total for the fortnight to €9bn with a curve-building 10 year print.
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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.
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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.
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Société Générale has appointed a new chief executive officer of SocGen Americas and chosen a new head of global finance for United Kingdom.
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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+.
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Davide Campari-Milano, the unrated Italian drinks company, began a roadshow in London on Thursday for its first euro bond issue in three years.
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International syndicated lending to Russia this year is running at its lowest volume since 2001, and less than a third of the total lent by this point last year, according to Dealogic.
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A pair of oversubscribed deals at the long end of the curve in euros this week has reopened a market that has been moribund for much of the year, as investors come to terms with low yields, writes Tessa Wilkie.
