Société Générale

Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.

Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.

Masraf Al Rayan, one of the largest Islamic banks in Qatar, was out on Wednesday with its second international sukuk. The deal is also the second from CEEMEA to hit the market following the brief summer lull.

Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.

Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.

TAG Immobilien, one of Germany’s largest residential landlords, has issued a new €470m six-year convertible bond, tapping into heightened investor interest in German housing companies during the pandemic.

Spanish telecommunications infrastructure company Cellnex has finished its €4bn rights issue to fund further M&A opportunities, with an extremely high oversubscription.

The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.

Société Générale and Natixis have purged their senior ranks following second-quarter losses and to prepare for strategic revamps, but David Rothnie thinks the future will remain challenging for both.

Slawomir Krupa will replace Séverin Cabannes to lead Société Générale’s global banking and investor solutions (GBIS) activities from next year. The division reported a net loss of €604m in the first half of the year.

Société Générale will make its structured products less risky, it said, after a difficult first half of the year in its equities business.

Northvolt, the Swedish battery maker, has signed a $1.6bn credit facility. A range of lenders — from commercial to governmental — piled into the deal, which will effectively create a new industry in Europe.