Société Générale
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Pelabuhan Indonesia II (Pelindo II) surprised loans bankers this week with its decision to limit a $1bn borrowing to just over half that amount, causing the cancellation of general syndication. This was just the latest twist for a loan that has been anything but straightforward, though the outcome is unlikely to hurt the borrower in the long run. -
European investment grade syndicated lending last year reached its highest volume since 2007, at $716.9bn, according to Dealogic data. More mergers and acquisitions are needed to maintain such high volumes in 2015, bankers agree, and QE could be a driving force for M&A.
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Caisse d'Amortissement De La Dette Sociale has set guidance and opened books on its debut offshore renminbi deal, which could be priced as early as Wednesday.
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The senior market was back in flow on Tuesday after a brief hiatus at the start of the week as market participants evaluated the results of the Greek election. A Syriza victory in the election was not enough to dull demand for FIG paper, with both Morgan Stanley and Rabobank drawing large order books for long dated deals.
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Caisse d'Amortissement de la Dette Sociale is set for a market first this week, after mandating banks on Monday for what will be the first offshore renminbi bond from a French public sector issuer.
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Enagás, the Spanish gas grid operator, priced a €600m 10 year bond last Friday. A strong bid for corporate bonds, fuelled by news of the eurozone quantitative easing scheme, helped the issuer to achieve very tight pricing.
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Terna, the Italian electricity grid company, sold a €1bn seven year bond last Friday, profiting from strong demand after the announcement of European quantitative easing on Thursday, January 22, to price with a minimal new issue premium.
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One of the most anticipated high yield bond issues of the year so far, Altice’s transaction to refinance its buyout of Portugal Telecom, is set to be priced today (Friday), and bankers believe it will confirm the market's vigorous health at the start of 2015.
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Trafigura Beheer has launched a $4.25bn multicurrency facility with eight relationship banks. The commodity trader is refinancing a slightly larger loan of $4.73bn which was signed in March 2014.
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While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.
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Snam, the Italian natural gas transmission company, tapped its April 2023 bond for €250m on Wednesday. The new notes were priced with a very small pick-up, putting some investors off, but the transaction was still more than three times subscribed.
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