Société Générale
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A strong run of dollar issuance throughout this week is likely to continue as investors look to put money to work in a stable rate environment, according to syndicate bankers. Caisse d'Amortissement de la Dette Sociale and the European Investment Bank crowned a barnstorming week in the currency, with jumbo deals in tough maturities.
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Investors in long dated senior unsecured debt appeared to have abandoned their yield targets this week, sending coupons below 3% on a Banque Fédérative du Crédit Mutuel fixed rate transaction, amid one of the busiest weeks of activity in the senior unsecured financials market this year.
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Italy’s first syndicated inflation-linked bond in nearly three years this week could help Spain enter the linker market for the first time, SSA bankers said this week.
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Energie Baden-Württemberg launched a very successful hybrid capital issue on Tuesday, raising €1bn to bolster the subordinated layer of its capital structure at blisteringly tight pricing, thanks to perfect timing after a drought of issuance.
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If there was ever any doubt as to the identity of the funkiest cat in the MTN scene it was firmly dispelled this week as Peter Flanagan at RBC Capital Market confirmed that — in the words of Prince — he wants to party like it’s 1999.
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CNH Industrial has sold its first bond since the merger of Fiat Industrial and CNH Global, raising €1bn and attracting a €3.5bn book from over 280 accounts before reconciliation. -
Insurance and pension fund demand is likely to drive further 20 year benchmarks after this week’s triumphant €5bn syndication from Belgium, SSA bankers argued this week. New appetite for the rare maturity particularly reflects the Solvency II directive, under which insurers’ holdings will be assessed using mark-to-market values up to 20 years, writes Craig McGlashan.
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The high yield bond flurry by Spanish issuers carried on this week, with strong issues from two debut borrowers. Solid demand allowed Grupo Isolux Corsan to increase its bond by €200m, while Grupo Antolin-Irausa accelerated its deal by a day.
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Deutsche Bahn, the German state railway company, launched its first euro bond of the year on Monday, into an empty but slightly weakening market — often considered ideal conditions for this ultra-safe credit. It was rewarded with strong demand, especially from Asia.
