Société Générale
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Substantially high volumes of speculative contracts on the Chicago Board Options Exchange Volatility Index and a downsizing of short-term risk positions, predominantly by hedge funds, is displaying increased levels of risk aversion in the equity derivatives market. This comes on the back of volatility stemming from oil and currency markets which has spilled into equity options pricing, according to strategists at Société Générale. -
Société Générale has set out to continue transforming its business after solid fourth quarter results showed profit improved 7.5% on the year to €511m. Operating costs were 5.3% lower than last year, bringing the French bank 80% of the way towards hitting its target €900m of savings expected by the end of 2015.
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Swedbank on Thursday took to the dollar market to sell the first additional tier one from a Nordic bank with a conversion to equity feature.
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Société Générale has hired Frances Cheung and Imtiaz Shefuddin to the bank’s cross-asset research team in Asia Pacific.
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UK oil company BP priced a €2.5bn bond on Wednesday, using a tried and tested eight and 12 year format, following the success of a €3.75bn deal by Norwegian rival Statoil on Tuesday. The deal was well received, getting €3bn of orders for each tranche.
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The latest of several Chinese issuers to tap the European bond market, China State Shipbuilding Corp priced its debut bond in the currency, a €500m three year issue, on Wednesday.
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The Republic of Bulgaria has said it is mandating Citigroup, HSBC, Société Générale and UniCredit as “arrangers and dealers” on its €8bn global medium term note programme, according to a release on the country’s Ministry of Finance website. The programme was signed on February 6.
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Société Générale has hired Frances Cheung and Imtiaz Shefuddin to the bank’s cross asset research team in Asia Pacific.
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Statoil, the Norwegian oil and gas company, issued €3.75bn of bonds today, after falling oil prices contributed to a 36% drop in the company’s third quarter earnings. It is the biggest euro investment grade bond issue this year - though both Altice and GTech have issued bigger high yield financings, with parts of the deals placed in dollars.
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The acquisition of Las Vegas-based International Gaming Technology by the Italian gambling technology company GTech took a step ahead on Tuesday as GTech raised €4.4bn in euros and dollars, in the second biggest European high yield deal so far this year.
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The Republic of Cameroon has picked Société Générale and Standard Chartered Bank to arrange a bond, which looks likely to be up to $1.5bn.
