Santander
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Santander has poached yet another banker from the Royal Bank of Scotland's leveraged finance team, as Saul Proctor becomes financial sponsor director at the Spanish bank. -
Landesbank Baden-Württemberg has priced the tightest covered bond of the year and was able to tighten pricing to a greater extent than any other German issuer this year.
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A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.
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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.
