Société Générale
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Société Générale dropped into the Swiss market for the first time since last February to print a new bail-inable note on Friday. -
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A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.
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In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.
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Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.
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Komerční banka sold the Czech Republic’s first euro denominated benchmark covered bond on Wednesday, landing flat to the curve of its Slovakian neighbours despite the European Central Bank’s absence from the book.
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World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.
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Europe’s high grade corporate bond market is showing no signs of slowing down, with new issues again breezing through fair value.
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The Republic of Benin on Tuesday launched a euro bond, its second entry into international markets since its debut in 2019. Bankers on the deal believe the bond is the beginning of a surge in sub-Saharan African issuance, with other sovereigns including South Africa and Nigeria also expected to enter the bond market in the coming months.
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Korea Development Bank returned to the bond market on Monday with a three-tranche transaction, marketing one of the notes with a green label. Despite pricing its trade at one of the tightest levels seen among the country’s lenders, the borrower still received strong demand.
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Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away any new issue concessions issuers have to give.
