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