Société Générale
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Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt. -
Euronext, the Dutch-registered, Paris-headquartered stock exchanges group, brought a €1.8bn triple tranche bond issue on Thursday. Investors showed much larger appetite for the shortest maturity as inflation fears linger.
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Société Générale posted impressive earnings on Thursday. Like other banks, it had hyperactivity in equities to thank in part for the robust quarter, though the French firm also pointed to a boom in energy, infrastructure and other asset-based financing activities.
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Westpac jumped into the green tier two market for the first time on Thursday, finding plenty of demand for the subordinated and labelled combination.
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Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand.
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Greece sold the first and only public sector benchmark deal of the week on Wednesday. However, issuers are preparing to return in force in euros and dollars next week, according to bankers.
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Westpac is set to sell its first green tier two deal later this week, becoming the latest financial name to tap growing demand for labelled subordinated debt.
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Greece was the only public sector borrower to announce a new benchmark transaction on Tuesday, picking banks to lead a new five year syndicated deal.
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Vestas, the Danish wind turbine maker, has signed a €2bn-equivalent facility linked to key performance indicators around sustainability. It was the first time the borrower has structured bank debt in this way.
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Bpifrance achieved a solid result as it sold its first green bond on Thursday, which came alongside another green bond from a compatriot issuer.
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