Société Générale
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The covered bond market bounced back from last week’s temporary supply indigestion on Monday, following strong deal outcomes for DZ Hyp and Société Générale, which issued the tightest French transaction of the year. -
Altitude Infrastructure, the French telecoms company, has signed a €266m credit facility, which it will use for two fibre optic networks.
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Companies in the same sector often copy each other, but this year's string of bond issues by aircraft lessors has been exceptional, and is prompted by the sector's credit rehabilitation. Air Lease Corp took the recovery past a new milestone this week.
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Swiss franc bond investors are pursuing high quality issues, with Münchener Hypothekenbank harnessing this demand to price a tap of its green preferred senior bond 12bp through fair value this week.
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A trio of European corporate issuers brought bond deals on Thursday, shrugging off the potential distraction of a European Central Bank meeting.
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France stole the limelight in the euro public sector bond market this week as it set new records for 50 year benchmarks in terms of size, demand and yield. But next week all eyes will be firmly fixed on the EU, which is set to bring its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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Groupe Bruxelles Lambert, the Belgian investment holding company, found a warm response from the bond market on Thursday, despite the potential distractions of a European Central Bank meeting being held on the same day.
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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.
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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.
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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.
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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.
