Société Générale
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Jaguar Land Rover, the UK car maker, issued on Thursday a £400m eight year high yield bond yielding just 3.875%, to finance a tender offer for its 2020 sterling notes. -
Société Générale is taking advantage of a secondary rally since Deutsche Bank and BNP Paribas last week found big success in the bullet tier two market to price its own deal, narrowing the traditional 30bp gap between its junior debt and that of BNP Paribas.
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Promsvyazbank (PSB) has repurchased $110.5m of its senior and subordinated notes as it attempts to manage its liquidity.
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The Republic of Lebanon has picked three firms to run a Eurodollar benchmark, it’s first deal since it issued a four tranche bond last spring.
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Madrid mandated banks for a euro deal on Tuesday, with SSA bankers confident that Greece’s discussions with creditors will not impact other eurozone periphery borrowers.
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Canal de Isabel II Gestión, the municipal utility company that supplies water and waste water services to the Madrid region, issued its first euro bond, a €500m 10 year, on Tuesday. The deal found plenty of demand, getting €3.3bn of orders.
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Hong Kong listed Fosun International has chosen three French lenders to supply funds for its acquisition of Club Mediterranee (Club Med).
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Although Fosun’s acquisition of Club Mediterranee (Club Med) marks another step in the advance of Chinese investment in Europe, the transaction’s buyout debt is unlikely to send pulses racing, as the borrower is aiming for a conservative debt package.
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French oil company Total SA has mandated banks for a multi-tranche euro hybrid bond deal, after the drop in oil prices last year put the credit ratings of oil companies under pressure.
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Italian electricity company Enel refinanced a €9.4bn credit facility on Thursday and reduced the margin on the loan from 190bp to 80bp over Euribor.
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With up to $50bn of additional tier one deals expected to hit the bond markets this year, bank funding teams are praying that this evolving but crucial asset class can settle down and help them meet their capital needs.
