Société Générale
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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. -
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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French food and drugs tester Eurofins Scientific priced a €500m seven year bond on Tuesday, following a roadshow last week. The first unrated senior corporate bond deal of the year, it was three times subscribed.
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An HK$3.1bn ($400m) portion of an HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers.
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Société Générale said on Monday that it would split the roles of chief executive and chairman. Frédéric Oudéa will drop the chairman role but stay on as CEO, while veteran central banker Lorenzo Bini Smaghi will join as chairman of the board.
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Thomas Cook, the UK travel agency, has launched and priced on Friday the first European high yield bond of the year from a single-B-rated borrower. It encountered the after-shocks from the Swiss National Bank's shock change of exchange rate policy on Thursday, but the company achieved its refinancing goals.
