Societe Generale postpones euro Additional Tier 1 bond
LONDON, March 26 (IFR) - Societe Generale has postponed a euro Additional Tier 1 bond, having been notified of an imminent publication of a rating agency report, according to a statement sent to investors seen by IFR.
"Although there is expected to be no potential impact on their fundamental assessment, in recognising the need for transparency with the market, Société Générale has decided to delay the execution of its Euro denominated Additional Tier 1 transaction," the statement read.
Societe Generale is expecting to relaunch the perpetual non-call seven-year transaction in the near future. The French bank is rated A2/A/A at the senior level, with S&P's A rating on negative outlook and the Moody's and Fitch outlooks both stable. (Reporting by Helene Durand, editing by Julian Baker)