Société Générale

Société Générale reported a slump in overall profit as part of its third quarter results on Wednesday, but was keen to draw attention to a near-50bp improvement in its capital ratios, thanks to restructuring actions.

China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after a 15 year layoff. Bankers think the deal will encourage Chinese issuers from across the credit spectrum to come to the euro market.

Central European telecommunications provider PPF Arena 1 has come to market for its second bond issue, after debuting earlier this year.

Globalworth, a Romania-headquartered real estate investment company, has secured a €200m revolving credit facility from a consortium of local and international lenders.

As Elizabeth Warren’s chances of clinching the Democratic Party nomination for the 2020 US presidential election increase, so have investors' needs to hedge the volatility that a free market sceptic will bring to the country's equity markets. Société Générale believes it has a solution.

The People’s Republic of China has caused a stir among DCM bankers in Asia and Europe with plans to return to the euro bond market for the first time since 2004. While expectations on opposite sides of the world are starkly different, what is clear is that the sovereign’s deal will be less about the pricing itself and more about making a statement. Addison Gong and Burhan Khadbai report.

Hyundai Capital America has priced a $800m three year bond alongside a $700m seven year, raising more than expected from its latest outing.

French car parts supplier Faurecia dipped into the bond markets again as it prepares to take over full control of its joint venture with Continental. It is adding €250m of senior notes to the €500m of 2026 notes it issued in the spring.

Infrequent issuer Toyota Industries Finance International revisited the MTN market at the end of last week to place its second euro floater of the year. Meanwhile, in dollars, a trio of emerging market banks have printed fixed and floating rate paper in the last week.

Rusal has signed the first internationally syndicated sustainability-linked loan from Russia. The heavily oversubscribed facility is part of a slowly growing shift towards green financing in Russia, said bankers.

Investors piled into a new hybrid bond for hotel group Accor this week to oversubscribe the €500m deal by almost six times. The demand reflected a ramping up of the hunt for yield as the European Central Bank stokes the fires of its corporate bond buying programme.

Norilsk Nickel printed a five year Eurobond on Monday, raising $750m with its lowest ever coupon.