Société Générale

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.

CEA Investissement, the corporate arm of the French Alternative Energies and Atomic Energy Commission, has sold €104m of shares in Soitec, the French semiconductor company, through an auctioned block trade won by Société Générale.

Wordline, the French payments company, has returned to the equity-linked market to sell a new five-year €600m convertible bond at a negative yield.

South Korean investment bank Mirae Asset Daewoo Co raised a $600m bond this week, but had to navigate questions around the stability of its rating and credentials to get past the finish line.

While bankers in the Northern hemisphere plan well-deserved summer breaks, the Australian and New Zealand dollar markets are set to remain open for business, with some competitive pricing on offer.