Société Générale
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Institutional investors are increasingly entering at-the-money put spreads on the S&P 500 in a bid to protect against further declines in US equities while profiting from the current high level of convexity in the volatility market.
