Société Générale

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.

Bahraini investment group Gulf Finance House is targeting a $300m five year issue for its debut international sukuk.

Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.

Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon.

Société Générale and Nykredit Realkredit took advantage of stable market conditions to raise non-preferred senior debt on Monday, as analysts began predicting a steady grind tighter over the next few weeks.

The Republic of Chile has mandated banks to arrange its second euro green bond offering, as well as launching a tender offer of outstanding euro debt.