Société Générale
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Unédic was almost three times covered for a 10 year bond on Thursday, with the leads pointing to the relative value of the trade and the quality of name as the factors behind its success against a difficult market backdrop. -
The Republic of Belarus will roadshow a dollar and euro dual trancher next week, but made it clear in the mandate announcement that there may be a wait before the bond is printed.
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Omani gas transportation company, Oman Gas Co, a branch of state-owned Oman Oil Co, has sold an $800m credit facility to local lenders.
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MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
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Russian nickel and palladium producer Norilsk Nickel has refinanced an existing facility and in the process has increased the size of the deal and shaved the margins. According to bank lenders, the deal is one of many expected to enter the market by Russian borrowers seeking to obtain more attractive terms amid a drought in activity.
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Three banks seized a favourable backdrop in the bond market to sell senior bonds this week, finding a warm welcome for maturities from three to six years.
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Teréga, the French gas transport utility, enjoyed chunky demand for a €400m bond issue on Thursday, despite its sub-benchmark size.
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Tanzania’s Ministry of Finance has raised a $1.46bn loan — its largest foreign loan to date — to finance the construction of a railway from Dar es Salaam to the centre of the country. The loan is being provided by a number of development banks and credit agencies.
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Belgium was able to print a large 20 year benchmark bond on Tuesday, pulling in a book of €27bn. But despite the size of the demand, investors were reluctant to follow the price more than 1bp from initial guidance.
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Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.
