Société Générale

Russian potash producer Uralkali is going on the road for five year dollar paper, returning to the international market for the first time in six years.

Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.

Rating: Baa3/BBB/BBB

The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong.

Banco Santander hit screens this week to sell its first green bond. The deal attracted orders more than five times its €1bn size.

The UK’s Sonnedix has signed €189m of non-recourse financing, with the independent solar power producer financing an acquisition of 55 MW of generational capacity in northern France.

Nordgold and Veon Holdings both printed bonds on Wednesday. But a difficult market backdrop forced Veon to print at a smaller size than expected and at a wide end of revised guidance. The execution of Nordgold’s bond seemed smoother, but investors said it was struggling to stay above reoffer on Thursday morning.

Italy’s first inflation-linked syndication in more than two years hit the market on Wednesday and raised €4bn from a book of €22bn, far outstripping the €6.4bn book for its previous linker sale.

Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.

A pair of CEE corporates, Veon Holdings and NordGold, released initial price guidance for bonds on Tuesday, both offering paper after a break from international issuance.

Neoen, the French renewable energy company, returned to the capital markets on Wednesday, following its popular €697m IPO in October last year, with a debut €200m convertible bond due in 2024.

Initial price guidance has been set for two corporate bonds from issuers in the CEE region — EP infrastructure and Metinvest. Both deals expected to be printed later on Tuesday.