Société Générale

Emerging markets telecommunications firm Veon, formerly Vimpelcom, printed a $300m tap of its $700m 4% April 2025s on Wednesday from a book of more than $1bn and paying a new issue premium of only 5bp, according to a syndicate official on the tap.

The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.

Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.

Emerging markets telecommunications firm Veon, formerly Vimpelcom, is topping up the $700m 4% April 2025s it sold in October by up to $300m, seemingly aiming to complete the size of bond originally planned.

The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.

Private Russian bank Credit Bank of Moscow announced a roadshow on Monday, mandating banks for the sale of a benchmark five year dollar deal.

Thailand's PTT Exploration and Production Public Co made a quick return to the debt market on Thursday, selling a 10 year bond less than two months after closing a 40 year deal.

Rating: Aa1/AA+

The European Investment Bank and World Bank kept the strong momentum flowing in the euro public sector bond market on Thursday, hitting the sweet spot with 10 and seven year benchmarks, respectively.

Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.

Vincent Barea has joined Société Générale as a credit trader covering financial bonds.