The bank also has two AT1 bonds, amounting to about $1 billion, reaching first call dates next year, based on data compiled by Bloomberg. It also redeemed a $1.25 billion bond in August. The offering comes shortly after the bank announced the repayment of a $1.75 billion note, the last of its contingent convertible debt with a call date in 2023. Representatives at Societe Generale didn’t have an immediate comment. The pricing for the deal callable in May 2029 could change during the sale process. That corresponds to 590 basis points above US treasury yields, based on Bloomberg calculations.
The French lender is offering a dollar-denominated perpetual bond expected to amount to at least $500 million, with initial price discussions in the 10.5% area, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. (Bloomberg) - Societe Generale SA is selling a new additional tier 1 bond on Tuesday after recent redemptions of older bonds depleted this crucial layer of capital, while repayment decisions loom for other AT1s.
