Société Générale
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Spain will lead the public sector borrowers' charge into the primary bond market this week with its second ever 50 year benchmark syndicated deal ahead of the Chinese New Year holiday. -
Galaxy Pipeline Assets, the group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $10bn in a pipeline partnership deal last year, has re-entered debt capital markets just months after it sold what some involved in the deal claimed was one of the biggest project bonds ever.
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Prologis, the US logistics real estate investment trust, and unrated French telecoms company Iliad showed the range of corporate deals on offer this week, with investors pouncing on both trades.
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Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
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Iliad, the unrated French telecoms company, attracted ample demand and twice increased the expected size of its bond during bookbuilding on Thursday, as syndicate bankers say the European corporate market is wide open to all types of issuer.
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Indonesian state-owned oil and gas company Pertamina raised $1.9bn from a two-tranche deal on Wednesday.
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Cyprus attracted sold demand when it hit the market for a new five euro benchmark on Tuesday. The trade was priced with a positive yield – a rarity for a eurozone sovereign bond in this part of the curve.
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Just Eat Takeaway.com, the Anglo-Dutch online food ordering marketplace, has raised €1.1bn via the sale of new convertible bonds, following rapid growth during the pandemic as more customers ordered food brought to their homes.
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Hyundai Capital Services used the green label on its dollar bond to its benefit when hitting the market on a relatively volatile day, managing to find about $4.75bn of demand for a $600m transaction.
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The euro public sector bond market has got off to a busy start to February. Three eurozone sovereigns have announced syndicated issues, while the European Financial Stability Facility made a €2bn intraday tap on Monday to round off its first quarter funding target.
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Met Group, the Swiss energy trading company, has signed €915m of short term loans, reducing its facility for the first time for years, after ABN Amro, one of its main lenders, pulled out of this kind of financing. Met found two other banks to replace ABN but wanted to focus on price with the deal, rather than size.
