Société Générale
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Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions on Tuesday, though German real estate company Vonovia’s planned debut green deal will test whether ESG demand is still rampant enough that the borrower won't have to offer extra. -
African Development Bank hit the market with a five year benchmark on Tuesday — the first sizable deal at the tenor since early February. The deal set records for an AfDB five year, the largest ever size, the largest order book and pricing with its tightest spread to mid-swaps.
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Commodity trader Trafigura has launched US private placements, according to market sources, its second entrance to the market in less than 12 months.
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Europe’s high grade corporate bond issuance pipeline is starting to swell for the week, with syndicate bankers confident that there is plenty of demand despite order books shrinking in the last week.
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Ahold Delhaize, the Dutch-Belgian supermarket group, priced its debut sustainability-linked bond 7bp inside fair value on Thursday, despite tricky conditions in the corporate bond market, showing that investors are gaining an appetite for SLBs and like new flavours, writes Mike Turner.
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A pair of French agencies hit the market on Wednesday, pulling off impressive deals ahead of the European Central Bank meeting on Thursday, where investors hope to hear promises of increased support.
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Ahold Delhaize, the Dutch food retailer, has mandated banks for a debut sustainability-linked bond, as it continues to push its capital structure towards socially conscious financing.
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Enel, the Italian energy company, has signed a €10bn sustainability-linked revolving credit facility, taking the title for the largest such deal that was held by Anheuser-Busch InBev for less than a month.
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Bank of Ireland’s inaugural green bond attracted the largest financial senior book in euros this week, peaking at €2.5bn, as it offered investors a chance to pick up labelled paper at a shorter tenor and with plenty of spread.
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Hamburg Commercial Bank is aiming to establish a regular market presence as part of its post-privatisation transformation plan by following a senior deal on Tuesday with a return to a non-preferred format later this year.
