As the process of bank disintermediation gathers steam across Europe, corporate bond issuance has gone into overdrive in 2012. More and more companies are finding it easier or cheaper, or both, to fund themselves in the capital markets rather than to borrow from their banks. And the debt capital markets (DCM) team at Société Générale Corporate and Investment Bank (SGCIB) has been as busy as any in helping them to do it.
SGCIB is generally among the top five in international euro-denominated bond issuance, but in the corporate euro market it has often trailed the big behemoths, Deutsche Bank and BNP Paribas. In 2012, however, it has led the pack for much of the first two months of adrenalised issuance. By early March, BNP Paribas had overtaken it in deal value, but SGCIB continues to have an effervescent year, with its name on the tombstones of most mainstream French and German deals, as well as increasing number in less obvious jurisdictions such as Spain and Ireland.
