Société Générale
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The Export-Import Bank of Korea jumped on the floating rate note bandwagon on Monday, raising $700m from the market. It also added a euro tranche with a green label to its transaction. -
The European Financial Stability Facility received plenty of demand for an intraday dual tranche bond sale to complete its funding for the period from April to June with its first issuance window of the second quarter.
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Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.
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Europe’s high grade corporate issuers began the week deploying their recent tactic of tightening spreads aggressively during bookbuilding from cheap starting points, with Elia Transmission Belgium ratcheting in its spread by 60bp from initial price thoughts.
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BNP Paribas and Crédit Agricole enjoyed the best of conditions as they reopened the market for non-preferred senior bonds from eurozone banks this week, but Société Générale ran into market turbulence when it emerged a day later. Bankers said that showed that demand for the instrument remains limited.
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Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).
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Société Générale continued the streak of French bail-in bond issuance on Wednesday but had to pay a higher new issue premium compared to its compatriots.
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Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction.
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
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It was all eyes on Ireland in the eurozone government bond market this week, as the sovereign printed one of its biggest deals with a record-breaking order book.
