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Bond Market News

SocGen Raises $1 Billion Via AT1 at 4.75%

SocGen raised $1bn via a Perpetual non-call 5Y (PerpNC5) AT1 bond at a yield of 4.75%, 50bp inside initial guidance of 5.25% area. The bonds have expected ratings of Ba2/BB/BB+. The first call date is on May 26, 2026 until which the coupon will be fixed. If not called, the coupon resets to the prevailing US 5Y Treasury yield + the initial margin of 393.1bp every five years. Bookrunners included SocGen, JPMorgan, Morgan Stanley, Citigroup and Credit Suisse. The pricing on the new AT1s was 90bp wider than its 8% Perp callable in September 2025 that currently yields 3.7% which resets 587.3bp over the 5Y Swap, and 12bp tighter compared to its 6.75% Perp callable in April 2028 which resets 392.9bp over the 5Y Swap.

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