Santander
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Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.
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French covered bond issuer BPCE attracted almost €1.4bn of demand for its seven year as the need to price over OATs conferred a generous new issue premium. But with French covered bonds trading much tighter than OATs in the 10 year tenor there is a growing sense that a new 10 year issue could soon price much tighter than France. -
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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.
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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.
