Santander
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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. -
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.
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Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.
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A much anticipated UK Supreme Court ruling that would decide whether the country’s parliament should vote on the invocation of Article 50 — officially starting the Brexit process — failed to stop the sovereign building a record syndication book on Tuesday.
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