Société Générale
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The senior market awoke this week following a brief hiatus in the aftermath of the European Central Bank and European Banking Authority’s comprehensive assessment of Europe’s banks. While covered supply has been robust during the intervening period, a lack of recent senior issuance helped Abbey, Citi, DVB Bank and Nomura back into the market.
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Société Générale have posted what it called a “resilient” quarterly performance in global markets, with revenue down -12.5% against the third quarter last year, in line with other European peers. The French bank also cut operating expenses in global markets by 10.2% against the same quarter last year, giving them a return on investment of 13.9% in the period despite poor growth at home.
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Forterra signs $512.7m loan — CNNC Niger entity seeks extension — Chinachem clubs seven for HK$5.225bn — CNOOC refiner seals $300m
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A €220m loan backing the buyout of German jewellery chain Christ by 3i, the UK private equity and investment firm, will be marketed to lenders at a meeting in Frankfurt today.
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Senior bank debt issuance picked up on Wednesday after Citigroup and DVB Bank had re-opened the European market on Tuesday after the European Central Bank's Asset Quality Review.
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Mercuria Energy Group that launched its $1bn triple tranche revolving loan into general in September, will likely increase the size of its borrowing.
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Heathrow has signed a £2.15bn refinancing of its revolving credit and liquidity facilities with a syndicate of 22 banks. The loan comprises a £1.4bn revolving credit facility and a £750m standby liquidity facility.
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China Construction Bank International (Holdings) is in the market for a $100m three year loan with one mandated lead arranger and bookrunner.
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Syndicating a reopening of a 55 year bond in a month where sterling was shaken by volatility could have been tough for the UK Debt Management Office this week. But it passed the test with flying colours, attracting its largest book ever on an ultra-long syndication and breaking the 3% yield bogey for the first time.
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For the first time the European Central Bank waded into the primary market for covered bonds for its third purchase programme (CBPP3) this week, as eurozone issuers from the currency bloc’s core and periphery returned after a long hiatus. The central bank’s buying may not be so good for core issuers but the evidence so far suggests peripheral names who have been locked out are about to bask in its largesse.
