Société Générale

Transdev, the French public transport operator, has signed a Skr1.2bn (€117m) credit facility to buy low carbon buses in Gothenburg, Sweden’s second largest city. One of the commercial lenders arranging the deal has used European Investment Bank money rather than its own, to provide better financing conditions.

During last January’s conference in Vienna, we felt that sentiment around CEE was mostly optimistic, but — to be frank — slightly unenthusiastic. It seemed as though everybody was expecting another solid, but ordinary year ahead. The news about the novel coronavirus in China was very distant.

Ahold Delhaize, the Dutch grocer, has refinanced a €1bn revolving credit facility and added sustainability-linked metrics to the deal, as the company’s capital structure continues its shift towards ecological and socially conscious financing.

Two European banks ventured across the Atlantic this week to tap a dollar market that has remained open for business going into mid-December.

European corporate borrowers glided through their curves this week. With the European Central Bank hitting easing expectations after its meeting on Thursday, syndicate bankers are expecting more deals on screens despite the time of year.

Sanofi, the French pharmaceutical company, has signed €8bn of sustainability-linked syndicated loans, while Italian natural gas distribution company Ascopiave has completed its own deal using the structure.

Southeastern Europe's Montenegro sold a euro bond on Wednesday which bankers say, especially because of its timing, is simply another sign of emerging market issuers being enticed by the strong credit conditions on offer.

Sanofi, the French pharmaceutical company, has signed €8bn of syndicated loans, claiming to be the first large biopharma group to switch its syndicated bank lines to sustainability-linked metrics.

Aroundtown, the Luxembourg-listed real estate company, maintained the trend for negative premiums in December’s buzzing corporate bond market, but syndicate bankers say that any disappointment from the European Central Bank when it meets tomorrow could slam the issuance window shut.

Alterea, the French property developer, attracted strong demand for its sub-benchmark bond issue on Tuesday, prompting bankers off the trade to praise its execution.

Emerging market bond mandates are continuing into the last month of the year, despite expectations that activity would quieten down after a jam-packed year of issuance. Kuwait’s Burgan Bank and Montenegro are among some of the CEEMEA issuers seeking to take advantage of unfalteringly attractive credit conditions.

Sustainability-linked bonds (SLBs) have hogged much of the limelight in the socially responsible investment markets this year. But transition bonds, which had fallen out of favour for some time, have demonstrated there is clear demand for the product, following a strong deal for Snam this week and guidelines due for release in the coming days, writes Mike Turner.