Société Générale
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Excellia Group, the European maker of passive electronic components, completed syndication of its €175m loan and bond package on Tuesday. -
Société Générale had a strong quarter in equities, traditionally a strength for the bank, but the success was not enough to make up for a writedown on its Russian assets and the tough environment in fixed income.
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London-based insurance company Aon and defunct French mortgage lender Caisse Centrale du Credit Immobilier de France (3CIF) are taking advantage of the recent undersupply in the FIG primary market to price senior deals, with 3CIF tapping the short end of the maturity curve and Aon going long.
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Société Générale has finalised the acquisition of Newedge, buying out Credit Agricole’s 50% stake and bringing SG's ownership to 100%. SG has also sold 5% of the capital of Amundi to Credit Agricole as part of the deal, bringing SG’s stake in Amundi down to 20%.
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A group of seven banks are tipped to win the mandate for Pelabuhan Indonesia II’s $1bn five year loan, which when finalised, will launch into syndication.
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Nexity, the French property developer, has raised €171m with a Euro private placement, and bankers hope issuance will pick up, after a long dry spell.
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Two more instalments in the unfolding saga of the corporate floating rate note appeared this week, with a €500m 4.9 year deal by Société des Autoroutes Paris-Rhin-Rhône on Tuesday and a €300m three year by Volkswagen Bank on Wednesday.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.
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Hedge funds are not net-shorting their Chicago Board Options Exchange volatility index futures positions and have started recently to hedge against a potential correction via S&P 500 puts, put spreads on emerging markets and best of puts on global indices.
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Private placement investors are scrambling for Dexia Crédit Local's short dated floating rate notes. It began posting levels on Tuesday and quickly printed two trades, according to medium term note dealers.
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Strong demand from European investors allowed Intralot, the Greek gambling products and services provider, to increase its high yield bond to €250m today and close the books ahead of schedule.
