Société Générale

Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.

Citi is set to continue a run of highly oversubscribed 10 year bonds, announcing a self-led trade on Thursday morning. Like deals from BNP Paribas and Crédit Agricole earlier in the week, the deal has drawn a bumper book, even as the 10 year bonds from the two French banks continue to trade wide of initial levels.

Despite the political turmoil over the dismemberment of Ukraine, Société Générale is preparing a renewed focus on the region, betting that over the three year horizon outlined at its strategy day, Russian issuers will return to market, benefitting banks that have maintained their commitment to the region.

The Republic of Croatia will start investor meetings in Europe for a benchmark Reg S only bond on Monday (May 19).

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 as some 40 banks joined.

French insurance firm Axa is looking to sell a rare perpetual non-call note, taking in a blowout book despite the heft of subordinated financials debt seen this week.

Five FIG issuers took to the subordinated markets to take advantage of months of undersupply this week, with the results highlighting not just the feverish grab for yield but also just how far banks have come since the crisis of 2008 in building their capital levels.

Reed Elsevier, the Anglo-Dutch business and technical publishing company, followed two of its closest peers into the bond market today, with a €350m floating rate issue.

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.