Santander
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◆ Subordinated bonds proliferate as ceasefire talks buoy investors ◆ Nomura follows BNP Paribas with dollar AT1 ◆ BPM compresses T2 spread as PBB prepares to refi -
◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer
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◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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◆ 'Special trade' for the Dutch agency ◆ Bankers agree on NIP ◆ AIIB trade gives demand signal
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◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV
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◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability
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◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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◆ Bond secured against a pool of export credit agreements ◆ Santander gets biggest bid-to-cover ratio since March ◆ Deal lands flat, if not through, fair value
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◆ Level set at fair value, price not tightened ◆ French agency follows on in same maturity ◆ Books of under €1bn
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
