Société Générale

The senior unsecured market made up for a slow start to the week on Wednesday as three deals hit screens. Lloyds was able to draw a hefty order book for a seven year fixed rate print, while Danske Bank and Morgan Stanley sold floating rate notes.

Faurecia, the French car parts manufacturer, has refinanced a €1.15bn undrawn loan facility, hiring 10 banks.

Banks are lining up for Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October. State ownership and its operation in a strategic industry has helped the company get a good response.

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Finnvera looks set to join the euro benchmark pipeline for the rest of the year after hiring banks to hold investor calls on Monday. The European Financial Stability Facility is set to bring a deal this week after circulating requests for proposals last week, while OeBB-Infrastruktur was first out of the blocks in euros on Monday.

On Friday Nestlé extended by a year €5bn five year revolving credit facility it had signed in October 2013. The Swiss foods producer also replaced a €5bn-equivalent short term facility with a new facility of €6bn.

BNP Paribas’s traditional strength in fixed income paid off in its third quarter numbers, as the return of volatility in September allowed it to turn in a solid performance in FX and rates. Meanwhile French rival Société Générale had a tougher quarter thanks to sliding equity volumes, though it still reported strength in its market-leading equity derivatives business.

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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.

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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