Société Générale

The covered bond market passed another milestone this week with Caisse Française de Financement Local (Caffil) and Compagnie de Financement Foncier (CFF) attracting book sizes that were reminiscent of the high yielding peripheral transactions seen a year ago, but at spreads well through mid-swaps.

Sovereign, supranational and agency borrowers this week enjoyed conditions that smacked of the exuberance of 2006 and 2007, but those issuers wanting to take advantage of supply-starved investors next week will have only a narrow window — as a Federal Open Market Committee meeting, a holiday in Japan and Scotland’s vote on independence will make opportunities for issuance few and far between.

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

Deutsche Lufthansa, Germany’s national airline, launched its first bond since 2009 on Friday September 5, at the remarkably tight spread of 75bp over mid-swaps — showing just how valuable a loyal following of domestic investors can be.

Total priced its biggest ever bond on Thursday, a €2.5bn dual tranche deal that included the French borrower’s first 15 year issue in euros since 2009.

Energias de Portugal, the Portuguese electricity and gas company, issued its largest public bond since March 2010 on Thursday, after attracting more than €2.7bn of demand from across Europe.

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

Petron ups loan to $475m — PFC closes $250m — UAF gets HK$825m

Philippine oil refining company Petron Corp has closed its fundraising at $475m, higher than the launch size of $300m, with 17 lenders joining during general syndication.

Société Générale followed up Monday’s rush of subordinated deals with a self led euro benchmark 12 year non-call seven year tier two deal and initial price thoughts offered a chunky new issue premium.

The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.

Deutsche Lufthansa, Germany’s national airline, launched its first bond today since 2009, at the remarkably tight spread of 75bp over mid-swaps – showing just how valuable a loyal following of domestic investors can be.