Société Générale

Banco BPM extended the run of recent Italian bank bond supply this week, launching a preferred senior bond. The deal was launched at 200bp over mid-swaps and did not offer a new issue premium to investors, according to a banker on the deal.

Russian nickel and palladium producer Norilsk Nickel has kept momentum from a roadshow last week to hit the market with a five year benchmark dollar trade as two other issuers prepared investors for their own deals this week.

Credito Emiliano continued an Italian bank bond spree on Friday, choosing a quiet day to market a debut non-preferred senior bond. The deal comes one day after Banca del Mezzogiorno priced a social bond.

E.On and Engie pushed ahead with tightly priced deals on Thursday, easing concerns from earlier in the week that ZF Freidrichshafen’s widely priced bonds would create a new level for issuance.

Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.

Three issuers spanning the CEEMEA region released initial guidance for dollar deals on Tuesday morning in London — one each from Russia, Abu Dhabi and Togo. All three bonds are expected to be printed later on Tuesday.

A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.

Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.

South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand.

Ivory Coast has bolstered loans bankers' expectations that African sovereigns will become a rare source for growth in the market, closing a €300m seven year loan.

Europe's high grade corporate bond new issue market has opened the week smartly, with almost €2bn of debt raised, as borrowers nip into the market before earnings blackouts interrupt new issuance.

Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.