Société Générale

State Bank of India has decided to increase the size of its loan to $420m from the original $300m, after 14 banks jumped on the transaction. But with a general launch still planned, it is likely to increase even further.

Syndicate bankers are primed for a busy period in dollars next week following the smooth execution of four benchmarks in the currency this week despite uncertainty and volatility caused by the situation in Ukraine.

British American Tobacco raised €1bn in the bond market on Monday, completing a hat-trick of deals by the three leading European cigarette makers. The transaction’s heavy oversubscription suggested there had been no impact either from the clustering of tobacco issuance, or from Russia’s alarming intervention in Ukraine.

Obrascón Huarte Lain, the Spanish construction and concessions group, pounced on a super-tight high yield market on Wednesday to issue a €300m bond, and found demand so strong that it was able to increase it to €400m. The final book was around €3.2bn.

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Société Générale is expecting to close three longevity swap deals in Q2 this year with insurance firms, following its first transaction last December.

Obrascón Huarte Lain, the Spanish construction and concessions group, pounced on a super-tight high yield market today to issue a €300m bond, and found demand so strong that it was able to increase it to €400m.

British American Tobacco raised €1bn in the bond market today, completing a hat-trick of deals by the three leading European cigarette makers. The transaction’s heavy oversubscription suggested there had been no impact either from the clustering of tobacco issuance, or from Russia’s alarming intervention in Ukraine.

Suez Environnement raised €350m through a convertible bond on Monday, with investors leaping on the rare opportunity to buy an investment grade equity-linked deal.

Peripheral eurozone sovereigns, regions and agencies are gaining access to ever more diverse pools of liquidity — including conservative investors in long tenors — as yields hit historic lows and spreads scream in towards the core. But even more fuel could be added to the rocket powered rally, as growing tensions in Ukraine force investors to jettison emerging market debt and snap up the periphery’s paper.

The European Stability Mechanism sold its first benchmark of 2014 this week, enjoying strong demand despite pricing comfortably through the curve of the European Investment Bank — the first time the supranational has done so with a new issue. The European Union is expected to give investors another taste of European supranational paper next week.

French carmaker Renault obtained a €6.2bn book for its €500m seven year bond on Tuesday, as it rode the wave of demand for crossover-rated corporate bonds.