Société Générale
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A smaller deal size, a high-profile cornerstone investor and plenty of early engagement with investors have put Budweiser Brewing Company Apac’s second attempt at a Hong Kong IPO on solid ground. -
Italian banks are taking advantage of excellent new issuance conditions, as investors re-establish their confidence in the country's new government. On Tuesday it was Banca Monte dei Paschi’s turn to do so with a euro-denominated preferred senior bond, one day after UniCredit and Intesa Sanpaolo.
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CaixaBank launched a non-preferred senior bond linked to social causes on Tuesday, while Raiffeisen Bank International launched a green preferred senior bond. Both deals were heavily oversubscribed on a day that one banker described as 'ridiculously busy'.
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Most investment grade corporate bonds issued over the past weeks have had intermediate to longer tenors, but on Monday issuance tilted towards the shorter end, as GlaxoSmithKline printed two negative yielding tranches.
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UniCredit has become the first Italian bank to launch a new deal since a new government took office in the country. The €1.25bn tier two attracted €3bn of orders and was tightened more than expected, according to one of the leads.
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Ghana Cocoa Board (Cocobod) has closed its annual refinancing, securing a $1.3bn facility from a range of international lenders. The facility, Cocobod's second international borrowing this year, has tighter margins than last year's round, illustrating a healthy appetite for one of Africa's most frequent borrowers.
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Evidence is mounting that Enel’s $1.5bn sustainability-linked bond, issued last Thursday, introduced not just a new product, but a new market. In recent days the deal has generated intense interest, and Enel has committed to using the product extensively in future, writes Jon Hay.
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There were no problems with competing supply as a trio of public sector borrowers enjoyed strong demand for dollar bonds this week, despite all three having the same maturity.
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Russian pipe manufacturer Chelyabinsk Pipe Plant on Thursday sold one of the tightest ever Russian debut bonds, according to a lead manager on the note.
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A pair of Eastern European corporate borrowers are in the market for dollar paper on Thursday, taking advantage of excellent market conditions to secure cheap funding.
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The sustainability-linked bond issued by Enel on Thursday opens a new chapter in the green finance market. Anyone tempted to think this will be a freak should think again. The idea is sure to catch on.
