Société Générale
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Royal Bank of Scotland returned to the funding markets late last week for its first standalone bond issue since 2008.
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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.
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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.
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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.
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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.
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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.
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Unlike the bruising encounter between their countries’ rugby teams over the weekend, the MTN world’s Irish and French representatives have gone a little bit soft.
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SocGen is selling its Asian private banking business in Singapore and Hong Kong, as well as selected parts of its trust business, to DBS for S$279 ($220m).
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Crossover credits ArcelorMittal and Fiat took advantage of a strong market to sell five and seven year euro benchmark bonds on Tuesday.
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The recent spurt of floating rate senior unsecured FIG issuance continued on Wednesday, as issuers look cut out the cost of basis swaps by issuing while demand for senior is hot.
