Société Générale

Bureau Veritas, the French laboratory testing company, has amended its €600m bank line to include ESG elements, as the company is on course to breeze through its relaxed covenant restrictions at the next evaluation.

Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.

EnBW, the German electrical utility, and the financing arm of a Dutch truck company, DAF Paccar Financial, hit screens with highly rated euro trades on Monday. Central bank bond buying higher than forecast, pushed investors to oversubscribe the deals even though the spreads on offer were thin.

GardaWorld, the Canadian security firm, has pulled out of its hostile bid for G4S, leaving the way clear for US rival Allied Universal.

Rating: Baa1/BBB/BBB-

Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads this week, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.

Intesa Sanpaolo launched a long awaited debut senior non-preferred deal on Wednesday. After having announced a large non-preferred funding programme last year, the bank has reduced its funding needs thanks to regulatory changes.

UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.

Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads on Monday, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.

Mercuria has launched a US private placement deal, according to market sources. The privately-owned Swiss commodity trader is the third company to enter the PP market from Europe this year.

Nykredit Realkredit opted to tap the seven year point of the curve on Monday as it issued senior non-preferred debt ahead of a deadline for regulatory debt buffers in 2022.

Česká zbrojovka Group (CZG), a Czech firearms company, has mandated banks to arrange a local currency bond, which investors say is a developing trend. The bond will contribute to CZG’s planned acquisition of US arms major Colt.