
Bonds
What is a bond?
A bond is a security representing a debt. Bonds are securities used by governments, non-financial or financial companies to borrow on the financial markets. For the bond issuer, a bond is a form of borrowing. For the bond investor, it is a form of lending.
Difference between credit and securitized debt
Credit | Securitized debt |
One lender in the case of bilateral credit, or a few lenders if it is a syndicated credit | Several lenders |
Rate is fixed by the bank | Rate is fixed by the market |
Little or no liquidity | Liquid secondary market |
The main characteristics
- The amount: a standard issue is around €500M
- The duration
- The interest, or coupon, rate
- The interest payment terms
- The terms of capital repayment
- The level of counterparty risk (rating)
- The price
- The rate of return
Role of the bank
The role of the bank during a bond issue is to:
- advise the client on the type of issue (duration, fixed or variable rate, type of bond, which currency, etc.);
- inform them about the state of the market and the level of investor appetite for their bonds;
- advise them whether or not to seek a credit rating for the issue.
It is the DCM (Debt Capital Markets) departments of the banks that help clients issue debt securities on the markets.
Our latest news and insights

The Rise of Active ETFs
Insights from Sébastien Lemaire, Head of ETF Research at Societe Generale.
Insights from Sébastien Lemaire, Head of ETF Research at Societe Generale.
Expert views
Insights from Sébastien Lemaire, Head of ETF Research at Societe Generale.
The Rise of Active ETFs 
Powering Electric Vehicle Adoption with Osprey in the UK
Osprey Charging is contributing to the energy transition through the rapid roll out of their EV charging infrastructure....
Osprey Charging is contributing to the energy transition through the rapid roll out of their EV charging infrastructure....
News & Insights
Osprey Charging is contributing to the energy transition through the rapid roll out of their EV charging infrastructure. Societe Generale acted as Arranger & Hedging Provider in the £110m in senior debt facilities transaction that will support Osprey’s charging network development in the country.
Powering Electric Vehicle Adoption with Osprey in the UK
Societe Generale gains ground in fixed income trading push
Hatem Mustapha and Francisco Oliveira are co-heading Societe Generale Global Markets business. Together, they answered...
Hatem Mustapha and Francisco Oliveira are co-heading Societe Generale Global Markets business. Together, they answered...
Expert views
Hatem Mustapha and Francisco Oliveira are co-heading Societe Generale Global Markets business. Together, they answered Christopher Whittall’s questions in an article published in International Financial Review (IFR) on 4 July 2025.
Societe Generale gains ground in fixed income trading push
More results