Santander

The IPO of Neinor Iberica, the Spanish property developer owned by Lone Star Funds, is oversubscribed at its fixed price of €16.46 on the first day of its bookbuild.

Two more IPOs of significant size were announced this week in Western Europe, and with four weeks to go until the start of the Easter holidays, they are likely to be the last of this IPO season to be launched.

BNP Paribas Fortis issued Belgium’s first covered bond of the year on Thursday, taking advantage of the strong market conditions that followed Dutch elections to price a €500m seven year with a tiny new issue concession.

Six borrowers announced offerings in the European high yield bond market on Monday as borrowers looked to beat what could have been disruptive Dutch elections two days later.

It is all very well pressing to harmonise bank resolution frameworks across Europe, but the market has to get on with harmonising the terminology as well.

Gestamp Automoción, the Spanish car parts maker, has begun investor education for what is likely to be the largest European IPO of the year so far, after its Ebitda grew by 10.6% in 2016.

Santander has looked internally to replace its departing head of Latin American debt capital markets, GlobalCapital understands.

Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.

Nykredit Realkredit has made sure that all of its ‘senior resolution notes’ will become non-preferred senior debt if Denmark updates bank insolvency hierarchies in line with a recent proposal from the European Commission.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

Despite the ECB’s backstop bid, covered bond trading is a tough business. Tight spreads may help investors score mark-to-market gains, but discourage them selling since replacement assets are scarce. But the market is evolving, e-trading is on the march and traditional dealer rankings are changing too.

Kuwait National Petroleum (KNP) is in talks with 10 banks over a loan to fund its expansion plans.