Société Générale
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Three infrequent FIG borrowers are set to drop into a stable euro market this week, with Arion Bank, Banca Popolare di Sondrio and Westpac New Zealand all preparing senior deals . -
Frank Drouet, who left Société Générale's global markets business in 2019 after 30 years, has landed a role at rival Crédit Agricole.
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A trio of rare names made use of the attractive issuance conditions and strong appetite for credit to launch debut deals this week. Two of the borrowers — Illimity and Groupama — chose to print subordinated deals into this stable market, while Erste Bank Croatia sold its first public deal outside its home market.
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Société Générale kicked off the second half of 2021 with its first euro senior preferred deal in almost 18 months, landing its €1bn deal with a small new issue premium.
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Vinci, the French concessions and construction company, had Europe’s high grade corporate market to itself on Wednesday, with the borrower having an easier time slashing its spread for 10 year money during bookbuilding than lower rated issuers in recent days.
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Two infrequent names ventured into the euro market to print debut deals in subordinated formats on Wednesday. Italy's Ilimity bank raised €200m with its first tier two, while French insurer Groupama scooped €500m with its inaugural tier three bond.
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BNP Paribas has retained its place at the top of the EMEA loan league table for the first half of 2021, but its market share is much smaller than for the same period last year.
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Repsol, the Spanish petrochemicals company, made its first foray into sustainability-linked bonds on Tuesday, though some of the power was taken out of the deal by investors judging the level too tight for a triple-B rated issuer.
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Acciona Energia, the Spanish renewable energy company, is due to price its IPO at €26.73 a share, the bottom of the initial range, having closed order books on Tuesday afternoon, according to sources close to the transaction.
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Erste Bank’s Croatian subsidiary was the sole bank to being new issue outside the covered bond on Tuesday, with bankers surprised at just how quiet the market is despite the attractive backdrop.
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Groupama announced on Monday plans to sell the first tier three note with an environmental, social and governance (ESG) label, with bankers confident that the pick-up to non-preferred paper will entice green funds into the deal.
