Société Générale

After a two week hiatus, the additional tier one market has rebooted with Italy’s debut AT1 issuer UniCredit printing a $1.25bn trade at 8% — a level that partly reflects a new equilibrium in the asset class, after investors pushed back over successively tighter and tighter prints.

Two UK building societies took to the euro market this week, with Nationwide and Leeds Building Society selling senior debt. Both issuers fell victim to a weak tone, with Leeds’ bonds struggling in the secondary market and Nationwide failing to reach its maximum size ambitions.

Airbus Group, also known as the European Aeronautical, Defence and Space Co, was cheered by investors on Tuesday on its return to the euro bond market for the first time for five years.

Exxelia-Eurofarad, the French maker of filters and sensors, has raised €175m of loans to refinance debt and pay a dividend to its shareholders.

Italy’s UniCredit is about to become the first bank to sell an additional tier one deal since KBC Group’s transaction pushed market boundaries two weeks ago. UniCredit's deal also follows a period of repricing during which investors have pushed back on yields.

Nationwide will be the second UK building society to issue in euros this week. Leeds Building Society tapped the market on Tuesday, though its paper has seen shaky trading since then.

Noble Group, a supplier of agricultural and energy products, metals and minerals, hit the market on March 24 with a $1.35bn 364-day revolving loan facility, led by an 18-member arranging group.

Société Générale has postponed its planned additional tier one capital issue after becoming aware of an imminent report from Fitch that could affect investors' view of its credit.

An IPO for French medical imaging firm Supersonic Imagine is the latest in a run of small listings for European biotechnology firms as US investors move money across the Atlantic.

An institutional seller sold a €66m block of shares in Gecina on Tuesday night, echoing another sale of the French real estate firm's stock late last year.

Société Générale has postponed its planned additional tier one transaction after becoming aware of an imminent rating agency report that might hurt the deal’s primary market performance.

Europe's financial institutions debt market was a little softer in synthetic indices as this week began, but that has not kept issuers from pricing and planning deals.