Société Générale

Czech lottery firm Sazka ventured into the euro high yield market again this week, issuing €300m of seven-year senior unsecured notes. The deal comes after Sazka made a successful debut in mid-November.

Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.

Eight financial institutions combined to raise €6.25bn of senior funding in the euro market this week, with supply volumes expected to drop off briefly for earnings season before ramping back up again in early February.

Three CEE banks announced new bond issues this week. Armenia's Ardshinbank has printed a $300m five year bond, Credit Bank of Moscow sold a $600m five year and Sovcombank, another Russian bank, has released plans for a roadshow.

Romania sold €1.4bn 2% 2032s and €1.6bn 3.375% 2050s on Tuesday, managing to get away half of the country’s €6bn funding target for 2020 in one swoop.

Credit Bank of Moscow sold its $600m five year bond “flat to the curve” on Wednesday, according to a syndicate official on the deal.

Denmark's Torm has signed $496m of bank loans, as new regulations affecting the global shipping industry take hold.

Bahraini investment group Gulf Finance House printed its $300m five year sukuk on Tuesday from a book of more than $750m.

Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.

Investors have been showing a clear preference for subordinated bank bonds in the primary market, with the valuations for more senior asset classes having been squeezed into extraordinarily tight levels in 2020.

Three CEE banks have announced new bond issues this week. Armenia's Ardshinbank has printed a $300m five year bond, Credit Bank of Moscow has initial price guidance out on a dollar five year benchmark and Sovcombank, another Russian bank, has released plans for a roadshow.

French TV production group Banijay launched on Tuesday a $2.373bn-equivalent financing package, consisting of secured and unsecured bonds, a term loan and a revolver, to pay for its takeover of Endemol Shine, a Disney- and Apollo-backed Dutch production company.