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Bond Market News
SocGen Releases Consent Solicitation Results
June 20, 2023
Societe Generale (SocGen) released the results of its consent solicitation from the holders of six of its Tier 2 notes to approve some changes it made to the conditions of these notes. Of the six notes, only four obtained approvals. This included three of its dollar denominated subordinated Tier 2 notes and a JPY-denominated Tier 2. The dollar bonds in question are the following – its $1bn 4.25% 2026s, $50mn 5.4% 2035s and $500mn 5.625% 2045s. Bondholders will receive $2.5 per $1,000 in principal as an early consent fee for voting in favor before the deadline of June 25.
On 16 May 2023, SocGen launched the above consent solicitation to comply with the latest regulatory capital criteria of CRR for Tier 2 instruments which caters to the “Contractual Recognition of a Bail-in Clause”. This implies creditors recognize that the notes may be subject to the writedown and conversion powers and agree to be bound by any reduction of principal.
SocGen’s 4.25% 2026s, one of the bonds that was approved, are currently trading stable at 93.4 cents on the dollar, yielding 6.6%.
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