Société Générale
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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.
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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.
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Indonesia's Medco Energi Internasional and Bayan Resources raised more than $1bn between them from ultra-tight bonds on Thursday.
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While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc.
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Eni, the Italian oil and gas company, raised €1bn with a bond issue on Thursday, while Quadient, the unrated French postal systems company formerly known as Neopost, continued the run of more esoteric corporate bond issuance.
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Private capital in central and eastern Europe is gaining traction after a decade of diminished enthusiasm from international investors. Local firms continue to dominate the region's private equity and direct lending markets, but some international players are eyeing them again, while others remain cautious.
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Commerzbank was able to attract "very high quality books" for its issue of non-preferred senior euro and sterling bonds on Wednesday.
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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.
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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.
