Société Générale
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Russian iron ore producer Metalloinvest has signed a $1.15bn pre-export finance facility to refinance existing debt. -
GDF Suez, the French gas and electricity group, has launched a €5bn loan facility into the market, seeking to refinance debt early to take advantage of low loan margins.
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ArcelorMittal raised €750m of five year notes today, in its first bond issue since announcing the call of its hybrid bond in January.
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CEE sovereign issuers are standing firm this week, boldly pressing on with their bond issuance plans despite President Vladimir Putin's draft bill approving Russia's annexing of Crimea and the sanctions imposed on Russia by the US and the EU.
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Rallye, the unrated French holding company that owns 49% of Casino, the French supermarket chain, and 90% of retailer Groupe Go Sport, launched a bond issue today that investors jumped on, relishing its 4% yield. The €300m issue was increased to €500m.
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Volkswagen showed its elite status in the debt capital market again today by issuing €3bn of hybrid capital – the largest corporate hybrid ever sold entirely in euros.
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Carrefour Banque managed to brave and overcome the broad market turmoil that set in during the second half of last week, pricing its €500m senior unsecured floating rate note to become the only European senior issuer in the market on Friday.
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Société Générale 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) as the Singaporean banks pursues its goal of becoming a leading wealth manager in Asia.
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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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