Société Générale
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Chinese securities house Shenwan Hongyuan Securities bagged $500m from its five year bond sale on Wednesday. -
The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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France’s Action Logement Services (ALS) is preparing to issue its second ever bond, after making its debut in the capital markets in October 2019.
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American Honda, the North American subsidiary of the Japanese automotive maker, hit screens with a euro benchmark trade on Tuesday, as corporate bankers reckon central bank tinkering will see a rise in Reverse Yankees at the back end of the year.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
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Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.
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Three infrequent FIG borrowers are set to drop into a stable euro market this week, with Arion Bank, Banca Popolare di Sondrio and Westpac New Zealand all preparing senior deals .
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Frank Drouet, who left Société Générale's global markets business in 2019 after 30 years, has landed a role at rival Crédit Agricole.
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A trio of rare names made use of the attractive issuance conditions and strong appetite for credit to launch debut deals this week. Two of the borrowers — Illimity and Groupama — chose to print subordinated deals into this stable market, while Erste Bank Croatia sold its first public deal outside its home market.
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Société Générale kicked off the second half of 2021 with its first euro senior preferred deal in almost 18 months, landing its €1bn deal with a small new issue premium.
