Société Générale

Deoleo, the Spanish olive oil producer, set terms for its €600m-equivalent refinancing loan at a lender meeting on Tuesday.

Bankers expect a swathe of Russian corporate liability management trades to follow steel company Severstal releasing results of its tender offer on Wednesday evening.

Sovereign, supranational and agency issuers have been basking in the heat of rampant investor demand this week, as deals from the eurozone core to the periphery have drawn blowout books at super tight spreads. Such has been the demand that borrowers of all stripes have been able to pick their choice of currency and tenor at leisure.

Eramet, the unrated French nickel, manganese and alloys group, took advantage of a reverse enquiry for a long dated note to make its debut in the Euro private placement market on April 22.

Illinois Tool Works, the US maker of testing equipment, car parts, adhesives and many other products, broke a seven year absence from the euro bond market on Monday with a successful €1bn deal that included the first benchmark 20 year issue in the currency since last August.

Spanish olive oil producer Deoleo will hold bank meetings this week to raise a loan of around €600m to refinance debt.

Danske Bank has kicked off the week with a €500m no-grow tier two sale, bringing in a big book that bodes well for further supply from Bankia and others this week.

Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication that saw some 40 banks join in.

Société Générale and Natixis felt the effects of the chilling environment in fixed income trading in their first-quarter results reported this week, but financing-focused Credit Agricole shrugged off the challenge to record a 3% revenue rise to €984m in its investment bank.

Freshly free from blackout, French and UK banks are expected to return to the private placement market with a spate of club deals.

Low supply in April plus an expected rates cut from the European Central Bank next month should have investors gagging for sovereign, supranational and agency paper in euros at any price offered. But as borrowers demonstrated this week, successful deals will be those that offer something in terms of pricing or maturity, as buyers look to pick up yield or spread in an ultra-low rates environment, writes Tessa Wilkie.

Nets — Stahl — Schaeffler — Excellia Group