Société Générale
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Borrowers hit screens in euros from three to 50 years this week, all enjoying heavily subscribed books and pricing with skinny new issue premiums thanks to investors’ confidence in consistent support from the European Central Bank. -
BMW issued the largest unsecured MTN of the year on Wednesday — outstripped in size only by a €700m privately placed covered bond from UniCredit, according to Dealogic. The trade was BMW’s largest since 2016.
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Société du Grand Paris hoovered up strong demand this week to sell the longest ever public syndicated green bond. The French agency was joined by three other public sector borrowers in raising socially responsible bonds this week, including the first European city to issue a social-labelled bond.
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World Bank cemented its status as one of the leading sterling issuers in the public sector bond market with a record-breaking 10 year deal on Thursday.
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Italy printed €9bn with a 15 year benchmark on Tuesday, wowing onlookers with a new Italian order book record and a 4bp move from initial price thoughts.
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Société du Grand Paris impressed the SSA market on Tuesday with a series of superlatives. It sold its biggest ever bond with the longest ever maturity for a syndicated green bond in any asset class. The City of Munich hit another landmark with the first social bond from a European city.
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British Telecommunications joined the red hot hybrid capital market on Tuesday, tightening the yield on its new bond by around 60bp during execution as investors clamoured for returns.
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The euro market had no trouble digesting a pair of similar trades from Landesbank Baden-Württemberg (LBBW) and Svenska Handelsbanken this week, with both banks printing non-preferred senior bonds at 58bp and paying a small new issue premium to investors.
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Emirates NBD Bank pulled in demand five times the size of its benchmark dollar bond on Monday, showing little sign of that wider market concerns about the coronavirus outbreak were having any effect on emerging market bonds.
