Société Générale

Caisse Centrale du Crédit Immobilier de France is alone in the European senior unsecured bond market on Tuesday, and is set to sell its latest government guaranteed deal.

Garanti Bank has set final yield guidance for its five year €500m no grow bond at 3.5%, in line with price guidance earlier in the day. But some rival bankers said they had expected to see a tighter print.

Corporate credit spreads in Europe are about as tight as they have been in this economic cycle, yet this week’s new issues — including a rare issue from Robert Bosch — suggested investors are exercising discrimination.

Volkswagen Financial Services has launched its first rouble bond, raising Rb5bn (€109m) and furthering its strategy of raising finance for its lending in local markets.

UK insurer Aviva and French bank BPCE are out with euro denominated tier two deals on Thursday as the FIG market recovers from a slight sell-off following the shock revision of US first quarter GDP figures showing a 2.9% contraction.

Swiss commodity trader Mercuria Energy Trading has roared past its refinancing target to sign a $2.65bn syndicated loan.

A lead manager on Gazprombank’s euro five year benchmark said that the deal will not be delayed, after one newswire reported that the issuer was considering putting it back.

Accor introduced hybrid capital to a new sector of European industry on Monday, becoming the first hotels company to issue a subordinated bond that is treated partly as equity by the rating agencies.

After a busy week last week in the additional tier one market with deals from Société Générale and Coventry Building Society, as well as a large exchange of old-style capital for new from Barclays, issuance of deeply subordinated hybrid capital from European financial institutions has climbed to nearly €30bn year to date.

Société Generale continued the rush to boost capital by tapping the 144A market with an additional tier one deal.

Eurobank on Thursday became the last of Greece’s big four banks to return to the capital markets after the country’s 2010 bailout. While the deal didn’t reach the blowout heights of some of its predecessors, it was received favourably and concluded a strong week of senior issuance that saw Dutch bank ING grab a hefty order book at an aggressive level.

Alstom Auxiliary Components has widened price guidance on the second lien tranche of a €630m-equivalent loan, a week after offering more spread on its first lien term loan 'B' to attract lenders.