Kick Santander, and kick the market too

They may deny it, but deep down, there’s nothing a syndicate banker likes to do more than slate an issuer. Sometimes, it’s even merited. But while Santander’s less-than-triumphant unguaranteed bond issue last week deserved some of the brickbats, the deal was worrying not because it fared so badly compared to other standalone bank issues, but because it had so much in common.