Société Générale

The Republic of Slovenia demonstrated the huge progress it has made since the start of the year, slicing into its euro curve with a dual tranche deal that pulled its spreads in euros and dollars 10bp-20bp tighter.

Germany's three carmakers unleashed a volley of private and niche currency MTNs on Wednesday and Thursday, leading to some jostling. Volkswagen was planning to print a note in Norwegian kroner on Thursday, but Daimler beat it to the punch, causing Volkswagen to sell a deal in Swedish kronor instead.

Essilor, the French maker of optical lenses and equipment, launched on Thursday its first bond in euros since 1996, adding a 10 year tranche to the main seven year offering as the deal attracted strong demand.

China’s Dongfeng Motor Corp, which said in February that it was acquiring a 14% stake in French company Peugeot Citroën, has signed a €830m ($1.14bn) club loan to fund the acquisition, according to bankers.

Puma Energy, the emerging markets-focused oil products firm, held a well attended bank meeting for its new refinancing loan facility on Wednesday.

Slovenia shaved another few basis points off its euro curve with a €2bn dual tranche bond issue this week. The sovereign’s well timed transactions in dollars and euros have helped some of its existing notes rally by almost 10 cash points in just two months, reflecting investors’ increasing confidence in Slovenia.

Investors are sinking their teeth into subordinated FIG debt this week, with insurance company NN Group and BBVA both bringing in big books for their deals.

Slovenia drew almost €10bn of orders for a long three year and seven year euro bond issue on Tuesday, which catered to investors comfortable with duration and those more concerned about rates.

Société Générale relaunched its euro additional tier one capital issue on Friday, after postponing it earlier in the week when it became aware of an imminent report from Fitch regarding the bank.

Hedge fund investors and some asset managers are entering short-dated puts and put spreads on the Nikkei 225, targeting strikes between 14,000 and 14,800.

China’s Dongfeng Motor Corp, which said in February that it was acquiring a 14% stake in French company Peugeot Citroën, is expected to sign a €830m ($1.14bn) club loan this week, according to a banker.

Alexandre Werno, senior adviser to the general manager at Fortune SG Fund Management in Shanghai, has been promoted to executive vice general manager as the firm looks to expand into index-linked offerings in China.