Société Générale

Two senior French equity capital markets and coverage bankers who left Société Générale two months ago have joined arch-rival BNP Paribas.

Thailand’s state-owned PTT Exploration and Production Public Co ended a two-year hiatus from the offshore bond market this week with a $650m deal, taking advantage of the low rate environment to extend its maturity profile to 40 years.

Switzerland’s Mercuria has signed a $1.9bn revolving credit facility through its US arm, with the commodity trading company scaling back lender commitments.

Commodities company Mercuria has closed its annual borrowing at a size of $1.2bn after 24 banks joining the deal during general syndication.

High grade companies stormed the European bond market with an array of tranches on Wednesday, and investors snapped up the trades, despite it being so late in the year.

France’s SNCF has signed a €3.5bn sustainability-linked loan, with the state-owned railway company only able to use the facility from the start of next year after the country’s reform bill is enacted.

CNP Assurances won healthy demand for a green tier two capital bond issue this week, as insurance companies begin to embrace the idea of printing capital instruments as socially responsible investments.

Caixa Geral de Depósitos was seven times subscribed for its debut non-preferred senior bond this week, when it become the first Portuguese bank to launch a deal in the format.

Australia and New Zealand Banking Group Limited (ANZ) launched a new sustainable tier two on Friday. Looking to broaden its investor universe in the euro market and enlarge its tier two buffer after changes in Australian regulation, ANZ’s deal attracted orders of 2.5 times its €1bn size.

Xavier Niel, the founder and controlling shareholder of Iliad, the French telecoms company, is using an innovative technique to enlarge his stake, while avoiding the usual requirement to make a public offer to buy the whole company. Some bankers think it could be a clever new option for company owners — others doubt it can be used widely. Sam Kerr and Jon Hay report.

The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.

Student Hotel finds bed for sustainable loan — Italo mainlines green loans — Green bond stalwart Tennet signs — Scottish Mortgage returns to US PP — CVC-owned April preps rapid refi