Société Générale
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French president’s call for international consolidation bucks a long trend of political opposition
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Loan and bond distribution merged, new financial and advisory sectors
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Former UBS banker Jeff Mortara joins in New York
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‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage
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German agency saw greater savings than what its sovereign was thought to have managed on the same day
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German issuer set to brave the market during a data and holiday filled period
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CDC seizes French agency momentum while IADB takes £500m from new nine year line
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French agency capitalises on rare capital market visit
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Supranational takes €5bn in second syndication of April
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‘The market is all fired up’ ahead of possible rate cuts from the European Central Bank
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Société Générale’s plan to escape its long underperformance is an old idea: ‘originate to distribute’
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New team will straddle public and private sides as syndicate heads take new roles
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◆ US insurer’s jumbo $6bn multitrancher propels dollar FIG volume to almost $240m in the first quarter ◆ SocGen raises $1bn AT1 capital ◆ AIB reinforces Yankee issuance on Thursday
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Books for the European sovereign’s €5bn deal were ‘sizable for a linker’
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The long-end deal is judged to have paid 1bp-3bp new issue premium
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European sovereign tests inflation-linked market as EU brings a new green bond
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Issuer last brought a green bond in 2022 but has been active via taps
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French issuer embarks on journey to raise €17bn-€19bn of green debt over a decade
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Supra only needs to raise €6bn in 2024 and offered 'a unique buying opportunity' this week
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French issuer prints largest bond after unprecedented demand
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First deal of the year from the €6bn funder
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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Head of trade finance promoted to replace veteran senior banker
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Two syndications have landed the sovereign €16bn with just one more trade left to do
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BoE, ADB, KK and AFD follow peers into dollar mart after week of healthy demand
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German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo
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◆ Leasing company returns at the three year part of curve a month after issuing €1.5bn in fours and sevens ◆ New deal adds more supply to frequently tapped short end of the curve ◆ Pays about 5bp-10bp NIP but prices tighter than recent three and four year notes
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Several future hires to follow to enhance SocGen’s ESG and sustainability standing
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Participants anticipate a push to 15 year frontier in covered bonds as duration demand drives all of FIG
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A pair of German development banks also brought new issues on Tuesday
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From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers
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French, German and Canadian issuers printed their first euro bonds of the year
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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First euro covered bond long than 10 year for a year deemed ‘very successful’
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Banks push longer and tighter but investors keep coming back for more
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◆ Senior non-preferred deal underlines how popular sterling credit is ◆ SG adds duration but pays above euros ◆ New deal boosts diversification drive after $5bn Yankee
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◆ Foreign quartet prices $9.25bn across the capital stack in three days ◆ SocGen joins the post-CPI flow on Thursday ◆ US money-center banks expected to unleash issuance after earnings
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Société Générale becomes fourth issuer to launch senior FRN in euros this year
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Labelled bonds could address dire need to create safe, productive water systems
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Shares in the French game publisher fell more than 8% after the convertible and delta placed
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Promotion follows Felix Orsini moving to new job
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Short end demand wanes as investors adjust to 'peak rates' narrative
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◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way
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Investors pounce on Société Générale and UBS sales after yields rise, then rates rally to soothe fears
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◆ First AT1 for nearly two months after volatility ◆ Priced flat to or inside fair value ◆ Head of funding says deal could have been bigger
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◆ SocGen and especially UBS garner huge demand for high yielding AT1s ◆ Red-hot interest suggests more European banks could issue in subordinated Yankees ◆ HSBC and BBVA raise $2.75bn in tier two
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◆ Deal is French insurer's first bond since 2014 ◆ Strong demand for higher yielding assets results in pricing close to fair value ◆ Book reaches around €3bn