Société Générale
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade. -
Korea Development Bank raised $1bn from a new bond on Wednesday, marking its third dollar transaction of the year.
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France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.
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Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from the state owned Instituto de Credito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.
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BBVA on Wednesday became the first European financial institution to launch a bond in the euro market to tackle Covid-19, unravelling the appetite for these type of bonds while undergoing a refinancing exercise.
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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.
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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”.
