Société Générale
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Big banks and boutiques alike are ramping up operations to boost revenues in France, Europe’s most competitive investment banking market. But is there enough business — and talent — to go around? By David Rothnie. -
Investors hoping for new investment grade corporate bonds this week may be disappointed, as widening spreads and falling equities make the market less tempting for issuers.
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The focus was on costs in the second quarter results of BNP Paribas and Société Générale’s investment banks, announced this week. BNP Paribas managed to keep a lid on expenses and could boast of "positive jaws", but SG took on a big charge from its restructuring.
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Russia's largest producer of anthracite coal, Siberian Anthracite, is expected to complete a loan refinancing in September. The deal will see Sibanthracite switch its existing loan facility from dollars to euros, as bankers offer a number of reasons for the switch, including preventative protection from sanctions and the elimination of operational delays.
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A pair of Middle Eastern credits received large orders for what may be among the last bonds issued before the summer lull.
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An infrequent FIG issuer returned to the medium term note (MTN) market this week to place the second of a pair of identical floating rate notes (FRN) this month. While on Wednesday, another bank brought back a structure that has rarely been seen since the financial crisis, according to one banker.
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Oman came to market on Thursday for a pair of dollar benchmarks, offering initial price thoughts onlookers described as "generous" and gathering a large order book ahead of the opening of the New York market.
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Wanda Sports Group has cut 38% off the size of its live US IPO, having reduced the stock on offer and trimmed price guidance as it confronts investors nervous over their unfamiliarity with the company.
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Oman is set to return to the bond market for the first time in nine months this week. The sovereign has picked banks for five and 10 year dollar benchmarks.
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Banca Popolare di Sondrio tapped the FIG euro market this week, looking to bolster its subordinated capital buffer. The issuer had to pay an expensive coupon of 6.25% on the notes, but with this issuance it fulfils its minimum requirements for own funds and eligible liabilities (MREL).
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Czech energy distributor EP Infrastructure came to market on Tuesday morning for a seven year Reg S benchmark — its second ever bond. The bond had been announced on Monday as a dual tranche six year and 10 year.
