Santander
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A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.
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BP Capital Markets brought a £400m bond to the market on Thursday that was priced in line with initial price thoughts, causing disagreement between bankers on and off the execution about where marketing levels should have started. -
The Autonomous Community of Madrid launched its largest syndication in two years on Wednesday, in spite of difficult conditions in the euro market.
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Santander UK said that Juan Garrido Otaola will permanently become head of global corporate banking UK and chief executive of Abbey National Treasury Services, jobs he had been filling on an interim basis since March last year.
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Brazilian mining giant Vale took advantage of a huge recovery in iron ore prices since Donald Trump won the US presidential election to tap its 2026s some 105bp inside where it first issued the bonds in August.
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Danske Bank showed enduring demand for five year covered bonds on Monday when it issued the first Danish covered bond in euros this year. In common with other deals issued in this part of the curve, the bonds quickly attracted a well oversubscribed order book.
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Santander Consumer Bank Norway was nearly five times oversubscribed for a €500m three year on Monday, sucking up demand for an undersupplied part of the curve.
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Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday.
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Entre Ríos raised $350m of bonds with an average life of seven years on Wednesday in a debut bond issue that put it second widest on the spectrum of Argentine provincial issuers.
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French supermarket chain Auchan Holding on Tuesday came to the bond market for the first time since Standard & Poor’s downgraded its ratings from A- to BBB+ in April, but demand for the credit was said to be “bullish”.
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Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.
