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PARIS - Societe Generale announced Friday it has commenced a pre-stabilization period for its €1.25 billion fixed-to-floating rate bond offering, according to a statement released by the bank.
The bonds carry a fixed coupon rate of 3.75% payable annually until the optional redemption date, after which they would convert to a floating rate based on the 3-month Euribor plus 140 basis points, payable quarterly. The securities are set to mature on September 2, 2033, with an 8-year non-call 7 structure, and are being offered at a price of 99.332.
SG CIB will act as the stabilization manager for the offering. The stabilization period is expected to begin today and continue until October 3, 2025, at the latest.
During this period, the stabilization manager may over-allot securities or conduct transactions to support the market price of the securities at a level higher than might otherwise prevail, though stabilization is not guaranteed to occur.
The bonds have not been registered under the United States Securities Act of 1933 and are not being offered in the United States. The offering is primarily directed at qualified investors outside the United Kingdom or those within the UK who have professional experience in investment matters.
The announcement comes as part of the bank’s ongoing capital management activities. The information was provided through a regulatory announcement service of the London Stock Exchange.
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