Holmes structure comes into focus

27 Jan 2011

Santander’s Holmes 2011-1 issue will feature a hard bullet 0.9 year ‘A1’ dollar tranche, as well as a 2.9 year ‘A2’ dollar tranche, and 4.9 year ‘A3’ euro and ‘A4’ sterling tranches. The issuer has preplaced the $500m A1 notes. All the tranches will be floating rate, with the ‘A1’ notes benchmarked to one month Libor, and the other tranches to three month Libor or Euribor.

The issuer’s mandate announcement only mentioned three year dollars and five year euros, but Santander was willing to listen to investor demand for other tranches.

Lead managers BNP Paribas, Deutsche Bank, JP Morgan and Santander GBM were roadshowing the deal this week, in London, Germany, Luxembourg, Brussels and ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial