Santander
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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. -
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.
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Intesa SanPaolo and Santander found attractive pricing as they kick-started the bank capital market in euros this week, and bankers are forecasting a busy January before financial institutions drop into blackout periods.
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Barclays pulled in $1.5bn for a 30 year senior bond as part of a four-tranche offering worth $5bn, as five Yankee FIG borrowers powered through the first global window of 2017.
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High volumes of issuance have boosted confidence in FIG primary market conditions at the start of 2017, with bankers expecting flows to remain high until banks start going into blackout later this month.
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Spain’s construction sector has been a sore point in the high yield market this year, with three of its big hitters either in distress, debt restructuring or increasingly surrounded by accounting disputes and corruption. Investor adviser CreditSights this week said major shareholder families behind those companies bear some responsibility.
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Banca Monte dei Paschi’s shares leapt 7% on Wednesday morning, on growing hopes that a way will be found for the Italian state to strengthen its balance sheet, enabling it to achieve a €5bn capital raising demanded by the European Central Bank and avoid a bail-in.
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Companies are continuing to use windows for corporate bond issuance ahead of Sunday’s Italian referendum, as three borrowers hit the euro bond market on Tuesday.
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Santander has hired Andrew Clayton to lead its UK leveraged finance division and grow its business in the mid-size corporate market.
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Santander Chile, which sent a strong message about its financing capabilities with two consecutive deals immediately after the US election result, will adapt to the Trump era with more international bond issuance, the bank’s CFO told GlobalCapital.
