Société Générale

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.

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.

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.

Italy is on screens with a 15 year benchmark, opting for the long end of the curve in spite of the concern some bankers have expressed about the difficulty of selling long dated debt.

Akelius Residential Property, the Swedish property company, ratcheted in the yield on its hybrid capital issue by 50bp on Monday, setting the stage for a romping week of similar issuance as further names line up deals.

The Republic of Turkey made its much anticipated start to the year with a bang on Thursday, taking advantage of feverish risk appetite among emerging markets investors to sell its largest ever bond, a $4bn dual tranche deal.

LVMH Moët Hennessy – Louis Vuitton SE, the French luxury goods group, and Comcast, the US telecoms company, brought the European corporate bond market’s two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros and blasting aside fears around coronavirus epidemic’s economic impact. LVMH raised €9.33bn, and Comcast €4.6bn.

Société Générale grew revenues while keeping costs steady in its markets and investor services activities in the fourth quarter. Bondholders will have also welcomed a boost to the bank’s capital ratio.

Cepsa, the Spanish oil company, and Tyco Electronics, the US sensor technology company whose parent TE Connectivity is headquartered in Switzerland, hit screens with single tranche bond issues on Thursday, giving investors a break from the rash of jumbo deals in euros earlier this week.

LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, and Comcast, the US telecommunications company, brought the European corporate bond market's two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros, and blasting aside fears among some players of the economic impact of the coronavirus outbreak. LVMH raised a whopping €9.33bn, Comcast €4.6bn.

The Development Bank of Kazakhstan (DBK) released initial price guidance for a tenge-denominated five year bond on Wednesday morning in London.

Atos has sold most of its remaining shares in Wordline, the French payments company, via an accelerated bookbuild.