Société Générale

Noble Group, a commodities supplier, has launched into general a $2.25bn financing that is being led by a 15-strong group of banks.

After a late rush from several sovereign borrowers, CEEMEA international bond volumes finished the first quarter of the year at $32bn from 44 deals, almost on par with Q1 2014s $34.7bn via 39 deals.

A pipeline of financial institution deals is assembling following the Easter break, with ING hitting the road for its additional tier one deal in three continents and Achmea announcing a senior unsecured transaction.

French satellite group Eutelsat has refinanced €800m of loans with a syndicate of nine.

French automotive equipment supplier Faurecia on Tuesday printed a €200m tap of its €500 3.125% senior unsecured bond, then it returned to the high yield market for €100m more.

Cassa Depositi e Prestiti tightened pricing on a bond by 10bp-15bp on Tuesday — but bankers on and off the deal said such a wide move was necessary given the market environment.

France's Veolia Environnement has issued a 12.8 year bond as part of a liability management exercise.

Poland printed its new 12 year note with a 0.875% coupon on Monday, making a big saving on where it priced a 2024 at 3% last January.

Bayer, the German pharmaceutical company, has issued a €1.3bn 60 year non-call 7.5 year hybrid bond, as its hybrid issued in 2005 approaches its first call date.

Trafigura Beheer, the Dutch commodities trading group, has refinanced its flagship revolving credit facilities and increased the loan from $4.7bn to $5.3bn.

The high yield market's selectivity towards new issues, despite the bullish pressure of quantitative easing, was highlighted again on March 27 when Touax pulled its deal.

Bulgaria has repaid a $1.5bn bridge loan to banks after issuing the largest ever euro bond from an emerging market sovereign earlier this month.