Banking trio ride the rally

The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.
Santander Holdings USA, rated Baa3/BBB+ came on Monday with a $1bn offering of 3.5% five year notes that were printed 163bp over US Treasuries. Barclays, Citi, RBC Capital Markets and Santander were joint bookrunners. The bank, which attracted $2.2bn in orders, was last in the market
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