Société Générale
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Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.
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Société Générale will move its London operations to Canary Wharf, consolidating its three different London sites into one building. -
Lithuania printed its €1bn 12 year bond on Wednesday with 0bp-5bp new issue premium, according to a syndicate official on the trade, having built a book of €3.65bn for the bond.
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Arkema’s roadshow for its possible €600m-€700m perpetual non-call six year hybrid bond issue finished today in Germany, following investor meetings in Paris and London which the leads say were well attended.
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Lithuania has released initial price thoughts for a €1bn 12 year bond at 115bp over mid-swaps, offering a 25bp new issue premium, in line with the pick-up offered at the same stage by Romania on Tuesday. Bankers away from the deal said that they expect 10bp-15bp of tightening before the deal prints.
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Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.
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Despite the virtual shutdown of the Russian international loan market, borrowers from the country continue to explore the possibility of deals. Two companies, Otkritie Financial Corp Bank (formerly Nomos Bank) and Acron, have been in discussion recently, said loans bankers.
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Romania has released initial price thoughts for a 10 year euro benchmark at 200bp over mid-swaps, representing a pick-up of 20bp over the country’s outstanding curve, according to an origination official away from the deal.
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Société Générale has hired Karim El Zein for its Middle East DCM team. El Zein will be based in Dubai.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich was the latest in a series of transatlantic M&A related loans for investment grade German borrowers to close oversubscribed. Banks have plenty of cash and are keen to use it, but a trend for large tickets and slim banking groups means there may not be enough to go around.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich has closed oversubscribed, with banks eager to accept a large portion of the bridge facilities.
