Société Générale

The market for European financial institutions' subordinated debt took off on Thursday, defying expectations that the holiday in Europe would put a damper on issuance for the week, as Legal & General, Société Générale and Coventry Building Society came to market with deals.

Noble Group this week priced the latest in a series of corporate hybrids from Asian issuers, bringing a $350m perpetual non call five. The global supply chain company was refinancing its existing perp after the triggering of an early redemption event in April last year. But although the bold move sparked controversy and enraged some investors, the issuer was able to tap into a new group of buyers and get cheaper funding, writes Isabella Zhong.

The reputation of Liberty Global and Discovery Communications played a decisive part in mitigating lenders' concerns about All3Media's credit quality to secure the television production company a £400m-equivalent loan deal, loans bankers said.

The established order is profiting from a sharp rebound in French M&A volumes. Those playing catch-up may not be so lucky, writes David Rothnie.

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

The reputation of Liberty Global and Discovery Communications played a decisive part in mitigating lenders' concerns about All3Media's credit quality to secure the television production company a £400m-equivalent loan deal, loans bankers said.

Credit Suisse and ING both hit the senior market with new issues on Tuesday drawing hefty order books for euro deals. While Credit Suisse offered a juicy premium to guarantee success, ING was able to gather almost as many orders at what bankers away from the deal saw as a tight level.

Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the current low rate environment, the small sized print had attracted a mind boggling order book that allowed the issuer to aggressively tighten final pricing to well under expectations.

Alstom Auxiliary Components is raising the margin on the second lien tranche of its €630m-equivalent facility after repricing its first lien to pay 50bp more than the top end of its price guidance.

Slovak Gas Holding has signed a €1.78bn underwritten loan partly to refinance a March 2013 acquisition financing facility.

Asian issuers have been rolling out hybrid securities during recent months as the low interest rate environment and strong investor appetite for the region create a conducive setting for corporate capital transactions.

Société Générale will begin a two day investor roadshow in Kuala Lumpur next week as it looks to become the first French bank to tap the Malaysian sukuk market.