Santander
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The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market. -
The tally of sterling high yield bond sales in January is on course to reach £2bn after Jaguar Land Rover on Thursday launched a new £300m offering, adding to a recent surge of deals in the currency.
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The year’s initial rush of FIG issuance subsided this week, but market participants are already positioning themselves for heavy supply of bail-inable senior bonds in later busy issuance windows.
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The UK Debt Management Office has named the group of banks that will sell its next Gilt syndication.
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Rather than waiting for the final go-ahead from the authorities, European banks are becoming creative with their bonds in order to bring total loss-absorbing capacity (TLAC) issuance.
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Santander has added its name to the list of European banks issuing senior non-preferred bonds this week, even though Spanish law cannot yet accommodate the new asset class.
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Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.
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Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.
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Santander revealed on Wednesday it was considering printing total loss-absorbing capacity (TLAC) eligible instruments before Spain has given its final approval for the creation of senior non-preferred debt.
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Mediobanca and Santander Consumer Finance joined a growing list of bank printing vanilla senior trades on Tuesday, as investors continued to show strong appetite for the undersupplied financial instruments.
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European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.
