Santander

Santander’s Brazilian operations were behind a 14% increase in the group’s attributable profit for the first quarter, with the UK arm also rebounding from a weaker 2016.

Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.

Rating: A3/A-/A-

Banco Santander Totta did well to raise €1bn of seven year funding on Thursday at a record level through govies, given the damaging ramifications for peripheral Europe that would follow if France’s far left and far right presidential candidates made it through to the second round of voting.

Portugal’s Banco Santander Totta has mandated leads for the first Portuguese covered bond since October 2015.

A glimpse of the future has arrived with the publication of a report modelling the credit risk banks face from drought. The effect on loan portfolios could be severe — and the research illustrates the new kinds of risk management banks will have to do as the world’s climate becomes more volatile.

Crédit Agricole became the largest shareholder of Abengoa on Tuesday, after Banco Santander disclosed to the Spanish financial regulator the sale of most of its holding in the engineering group.

Santander’s former head of Middle East corporates, Wafi Saleh, has joined Spanish business services firm PKF Attest as a partner of the debt capital market division.

Gestamp Automoción, the Spanish car parts maker, has completed the largest Spanish IPO of the year so far, having priced the deal at the bottom of its initial price range late on Wednesday.

Spanish car parts supplier Grupo Antolin found strong demand for its refinancing deal on Thursday in a high yield market where new bond sale volumes have dropped to less than a third of March’s €3bn average.

Banco Santander ratcheted in pricing on three tranches of non-preferred senior debt on Tuesday, raising $2.5bn in its first dollar-denominated deal in the format.

FIG borrowers have wasted little time in bringing opportunistic offerings in front of investors this week, using strong issuance conditions to complete a number of projects ahead of the Easter break.