Société Générale
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Another bank has joined the procession of Middle East borrowers targeting perpetual deals, and picked banks for its first ever bond in that format.
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A trio of SSA issuers are set to pepper the euro curve on Tuesday, despite waves of volatility engulfing the market over the past few weeks. -
Mercuria Energy Trading, the Swiss commodities group, has found strong support for a $2.65bn loan refinancing, but has not yet decided whether to increase the facility.
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State-owned MFB Hungarian Development Bank finished a roadshow on Wednesday for its first euro bond for four years, and has picked a tenor. But market turmoil has left it facing unacceptable spreads, and waiting for a better window.
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Kazakh Tsesnabank is embarking on a non-deal roadshow in London.
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Skandinaviska Enskilda Banken (SEB) and Swedish Covered Bond Corp (SCBC) issued covered bonds of almost identical credit standing this week, but with very different outcomes.
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The inflation linked market for eurozone governments showed itself to be resilient in the face of volatility in conventional bonds this week — boding well for one potential new entrant.
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As the half year point of 2015 approaches, year to date CEEMEA volumes are at their lowest in six years. No bookrunner has escaped the plunge in volumes although a couple of institutions have managed to beat the odds and take a larger share of a shrinking CEEMEA market.
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Grupo Antolin, the Spanish car interiors maker, on Wednesday sold €400m of notes at 5.125% to repay a $525m bridge loan that funded its purchase of Magna International's car interiors business.
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National Bank of Abu Dhabi on Wednesday printed its $750m tier one perpetual with a coupon of 5.25%, the lowest ever for this kind of deal from the CEEMEA region. The feat was even more impressive for being printed on a day when Credit Suisse had its 10 year bond pulled because of market volatility.
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Two first time bond issuers joined the corporate pipeline this week, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market.
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