Société Générale

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

Three financials are looking to retest the market’s appetite for additional tier one deals, after a two week hiatus for the asset class that has seen spreads on recent AT1 bonds widen, raising the question of whether the next round of trades will enjoy the stellar primary market successes of their peers.

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.

The first Italian additional tier one capital issue could be very close, as bank capital specialists prepare for the new product's next phase of growth after a two week hiatus.

Royal Bank of Scotland returned to the funding markets late last week for its first standalone bond issue since 2008.

The time is right for floating rate issuance, bank finance specialists believe. Market volatility, the spectre of rising interest rates and huge demand for senior unsecured bank debt have come together to create conditions in which issuers are keen to sell floaters and investors are hungry to take them.

MOVES IN BRIEF

Volkswagen showed its elite status in the debt capital market again this week by issuing €3bn of hybrid capital — the largest corporate hybrid ever sold entirely in euros.

NIBC Bank and Aktia Bank mandated leads for European roadshows this week, and the issuers are expected to launch covered bond deals sometime in early April.

AIB Mortgage Bank enjoyed a stellar response to its first covered bond of the year. The deal attracted the highest level of oversubscription for any Irish covered bond since the Irish government’s bail-out of its banks, pricing with a double-digit spread over mid-swaps, and with no new issue premium.

The freefloat of French healthcare firm Ipsen increased from 30% to 40% after a block trade on Wednesday night, as controlling shareholder Mayroy cut its holding to 57.6%.

Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity.