Santander
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Santander has become the first Spanish lender to raise non-preferred senior debt, even though Spanish law cannot yet accommodate the new asset class. The bank paid a small premium, and took an important early step towards its sizeable senior target for total loss-absorbing capacity (TLAC). -
WHSmith, the UK newsagent and bookseller, has signed a £130m five year revolving credit line to use as its working capital facility, it said on Wednesday, while raising its full year profit forecast.
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Banco Santander made a profit of €6.2bn last year as a booming performance in Latin American markets helped offset its exposure to a sinking pound.
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Energias de Portugal drove into the euro bond market on Tuesday with a €600m long six year transaction that tapped into investors’ taste for crossover credit.
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The UK Debt Management Office broke its record book size on Tuesday for the second time in three months, as it also enjoyed a healthy showing from investors outside the country.
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UK tobacco company Imperial Brands hit the euro bond market on Tuesday for a dual tranche offering of 4.5 and eight year notes that won over three times oversubscription.
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The Spanish sovereign launched a €9bn 10 year on Tuesday, bringing the largest eurozone sovereign syndication so far this year.
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Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year.
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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.
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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.
