Santander learns from last year’s auction but pricing still stingy

Banco Santander has launched a tender offer on €9.9bn equivalent of euro and sterling denominated subordinated debt alongside a separate US offer on a $257.5m subordinated bond. While the any-and-all structure of the offer is friendlier to investors than last August’s unmodified Dutch auction, bankers away from the deal said the pricing was anything but generous.

  • 08 Mar 2013
The bank is targeting 14 series of lower tier two notes in sterling and euros, and one euro denominated upper tier two bond, at cash prices of between 60 and 103. The US offer, meanwhile, targets a dollar denominated lower tier two bond, at a cash price of ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,659.07 70 5.27%
2 UniCredit 12,467.64 85 5.19%
3 Natixis 11,157.78 62 4.64%
4 LBBW 11,132.68 72 4.63%
5 UBS 10,837.07 59 4.51%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 79,970.52 344 6.07%
2 Citi 77,410.28 411 5.88%
3 Bank of America Merrill Lynch 76,951.51 312 5.84%
4 Goldman Sachs 71,599.54 611 5.44%
5 Morgan Stanley 67,978.85 389 5.16%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 64,727.90 263 10.43%
2 JPMorgan 64,710.03 242 10.42%
3 Citi 60,526.14 311 9.75%
4 Goldman Sachs 54,061.50 545 8.71%
5 Morgan Stanley 52,830.49 304 8.51%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,242.30 32 7.11%
2 UniCredit 6,552.42 27 5.66%
3 LBBW 6,441.23 28 5.56%
4 Credit Agricole CIB 6,369.42 25 5.50%
5 Deutsche Bank 6,252.08 21 5.40%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,584.11 21 12.26%
2 BNP Paribas 5,156.76 22 8.34%
3 Barclays 4,776.16 18 7.72%
4 Credit Suisse 4,518.72 16 7.31%
5 UBS 3,976.00 19 6.43%