Société Générale
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Instituto de Crédito Oficial (Ico) is holding a series of investor calls to introduce its updated social bond framework ahead of a transaction which will be specifically used to target the effects of the coronavirus pandemic. -
A bevy of high grade corporate bonds hit screens on Tuesday, as Europe’s syndicate bankers said that “no one cares” about the German Constitutional Court verdict throwing into question the Bundesbank's ability to take part in the eurozone's quantitative easing.
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Banco Santander and Rabobank led senior bond supply in Europe this week, both issuing well-received non-preferred deals while Crédit Mutuel Arkéa went for the preferred format. National champions and other strong banks are lining up to issue while market conditions are conducive for deals, but lesser credits remain on the sidelines.
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The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.
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Société Générale’s equities division posted a 99% year-on-year drop in revenues for the first quarter on Thursday, contributing to an overall loss in both the wholesale division and for the bank overall.
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Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.
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The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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Crédit Mutuel Arkéa paid a 'generous' 7bp of new issue premium for a preferred senior bond on Tuesday, taking advantage of a quiet market to attract attention from investors.
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Pernod Ricard, the French drinks company, was rewarded for waiting on Monday when it launched taps of existing bonds more than 50bp inside where it had originally priced the notes just weeks ago, showing just what a tonic the European Central Bank's asset purchasing has been for the corporate bond market during the coronavirus pandemic.
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Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.
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Kookmin Bank has become the first issuer from South Korea to sell an international public bond to combat the fallout of the Covid-19 pandemic. While virus-response deals are still just a tiny part of Asia’s debt market, bankers say it is set to grow.
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