Société Générale
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US oil and gas pipelines company Kinder Morgan has mandated banks for a debut bond, as American issuers flood into the euro market. -
A European sovereign mandated banks on Tuesday to sell a long dated euro bond, the first benchmark in the currency so far this week.
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Eiffage, the French construction company, has refinanced €3.3bn of loans, reducing the margins by two thirds compared with what it used to pay - even though revenues are under pressure from a state toll renegotiation.
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Lebanon sold its largest ever new issue on Monday, printing an $800m 10 year and $1.4bn 15 year from combined books of $4.9bn.
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Nationwide and Pohjola Bank broke an almost three week long fast for the euro senior market on Tuesday, setting terms for 10 and seven year benchmarks respectively.
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Lebanon had combined orders of $1.5bn for its 10 and 15 year offering at the last update. Bankers expect the 10 year to be priced inside the borrower’s curve.
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Danish wind turbine maker Vestas Wind Systems, which is unrated, has mandated banks for its second euro bond deal, five years after its debut in 2010.
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With investors squealing at this week’s new issues that crunched spreads to record lows, next generation covered bonds could meet the sector’s increasingly desperate need for higher yielding products, writes Bill Thornhill.
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French oil company Total pumped up €20bn of orders for its €5bn hybrid bond, the second biggest corporate hybrid ever and the largest amount issued on one day.
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Société Générale was able to shave a few basis point off the traditional spread between its tier two curve and that of French peer BNP Paribas on Thursday when it took to the bullet tier two market in euros.
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Hong Kong listed Fosun International has chosen three French lenders to supply funds for its acquisition of Club Méditerranée (Club Med).
