Société Générale
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French hotels group Accor this week became the latest issuer to tap the convertible bond market for financing in the wake of the rally in value stocks following positive Covid vaccine news in early November. -
Mercuria and Gunvor, the Swiss commodity and energy trading firms, have signed credit facilities for their US businesses, with both companies adding more banks to the deals.
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Sub-benchmark deals are not so much of a novelty anymore: a trio of rare names filled their boots with diminutive deals this week, with each attracting bumper demand.
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Close Brothers returned to the public market after a two year absence on Thursday, launching a 10 year sterling deal from its operating company at a very flat level compared to its shorter dated bonds.
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Mercuria, the Swiss commodity trading firm, has signed a $1.7bn credit facility for its US business, with the company reducing the size of the deal being refinanced but continuing the trend of trading firms of adding to their US banking groups.
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CNH Industrial, the US-Italian agricultural and construction machinery maker, cruised through the bond market on Tuesday, as bond bankers puzzled over whether the Thanksgiving holiday in the US on Thursday means this will be a short week for issuance.
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Gunvor, the Swiss energy trader, has signed a $1.1bn credit facility through its US arm a week after completing a similarly sized deal for its European operations, with five new lenders joining the annual US refinancing.
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The European Union’s third outing to fund its Support to Mitigate Unemployment Risks in an Emergency programme is set to hit the market on Tuesday in the shape of a 15 year tenor — matching the maturity of its loans.
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Carmila, the French shopping centre owner, rode the positive sentiment generated by news of another promising Covid-19 vaccine on Monday to launch a sub-benchmark bond. Bankers expect such opportunistic, small scale deals to dominate corporate issuance for the rest of the year.
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The Republic of Uzbekistan, which debuted in international debt markets just last year, sold a dual currency bond this week, as foreign investors eyed up an Uzbek som tranche.
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French companies Schneider Electric and LafargeHolcim pushed the fledgling sustainability-linked bond asset class to new levels this week, helping quell vocal concerns from some investors that having an unspecified use of proceeds means the structure has no place in ESG portfolios, write Mike Turner and Aidan Gregory.
