Société Générale
-
The decline in international and debut Schuldschein issuance last year had a disproportionate impact on non-German bank arrangers. But this year’s bright start has given them a new lease of life. -
France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
-
Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.
-
Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.
-
Banque Fédérative du Crédit Mutuel (BFCM) paid up to attract investors to its new preferred senior sterling deal on Monday. Although it was unable to match the quantity of demand set by a BNP Paribas non-preferred deal earlier this month, sources close to the deal were pleased with the quality of investors involved.
-
Société Générale dropped into the Swiss market for the first time since last February to print a new bail-inable note on Friday.
-
-
-
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.
-
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.
-
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.
-
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.
