Société Générale
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Haniel achieved on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that totalled just under €1bn and tapped heavily into Europe’s increasing trend toward negative yields.
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Bankers are preparing the ground for the first Turkish covered bond with Akbank and Garanti Bank lining up for issuance. Pricing for both will be wide of the sovereign and the banks are preparing extensive investor roadshows. While funding officials are confident that the bonds will sell well, syndicate bankers question whether they will find a substantial buyer base.
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Haniel launched on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that could total €1bn and was set to tap heavily into Europe’s increasing trend toward negative yields.
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Spain is likely to pay higher borrowing costs than at any point this year at an auction on Thursday, as a volatile period for eurozone government bonds rumbles on from last week. -
Société Générale has used its first quarter results to lay out its strategy for meeting total loss-absorbing capacity (TLAC) targets, though the rules have yet to be finalised.
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Steel company ArcelorMittal has refinanced a $6bn revolving credit facility, with heavy oversubscription.
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Noble Group, a commodities supplier, has received a total of $2.25bn in commitments, including $1.5bn from the original 15 mandated lead arrangers and bookrunners. The commitments cover the amount it was seeking when it launched the deal into general on April 8.
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Total Maroc, the third biggest petrol distributor in Morocco and a subsidiary of French oil company Total, plans to float on the Casablanca Stock Exchange, raising $62m to $73m for a 15% stake in the business.
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DP World, the container ports group, is roadshowing a dollar benchmark conventional bond issue this week via Barclays, Citi, Deutsche Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi and Société Genérale.
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This week’s sharp Bund sell-off has shone a revealing light on the European public sector bond market’s dwindling support and growing execution risk, writes Craig McGlashan.
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