Société Générale

Société Générale becomes fourth issuer to launch senior FRN in euros this year

Labelled bonds could address dire need to create safe, productive water systems

Shares in the French game publisher fell more than 8% after the convertible and delta placed

Promotion follows Felix Orsini moving to new job

Short end demand wanes as investors adjust to 'peak rates' narrative

◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way

Investors pounce on Société Générale and UBS sales after yields rise, then rates rally to soothe fears

◆ First AT1 for nearly two months after volatility ◆ Priced flat to or inside fair value ◆ Head of funding says deal could have been bigger

◆ SocGen and especially UBS garner huge demand for high yielding AT1s ◆ Red-hot interest suggests more European banks could issue in subordinated Yankees ◆ HSBC and BBVA raise $2.75bn in tier two

◆ Deal is French insurer's first bond since 2014 ◆ Strong demand for higher yielding assets results in pricing close to fair value ◆ Book reaches around €3bn

◆ Better market mood suggests more FIG capital issuance on the cards ◆ BBVA goes for longer tier two in dollars ◆ Some suggest UBS will issue AT1 as early as Wednesday

◆ PIC preparing to take £200m new net capital after maxing tender offer ◆ Sogecap takes the road for first deal since 2014 ◆ Meanwhile parent SocGen calls dollar AT1