Société Générale
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Two more eurozone sovereigns are set for syndications on Wednesday, with France eyeing up 20 years and Iceland coming for a six year bond. -
The Republic of Estonia has mandated for a 10 year benchmark bond, as it prepares for its first foray into bond markets since 2002.
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Banque Fédérative du Crédit Mutuel tested appetite on Tuesday for a 10 year non-preferred senior deal, with supply in the asset class having slowed to a near standstill during the coronavirus pandemic.
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The high-grade corporate bond market saw some heavily subscribed deals this week, but there are concerns from some corners of the market that primary issuance is showing signs of fatigue.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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The high grade corporate bond market saw chunky books on Tuesday, but there are concerns from some corners of the market that primary issuance is showing “serious signs of fatigue”.
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France’s Accor, a hospitality company, has signed a €560m short term crisis revolving credit facility, as banks continue to be called upon to support the sectors hardest hit by the coronavirus pandemic.
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Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
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Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.
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Unédic, the French agency responsible for French unemployment support, entered the social bond market on a permanent basis on Friday, launching its new social bond framework under which all its debt will be issued from now on. It christened the new programme with its largest bond in 10 years.
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