Santander
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After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.
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Betting house William Hill this week was alone in the European high yield market for a potential issue of £300m of unsecured notes, with the UK’s European Union membership referendum an unhelpful backdrop. -
Spanish property developer Metrovacesa on Friday printed a €700m deal, winning a healthy order book that proved the European corporate bond market still has legs despite heavy supply.
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Spain made a storming entrance to the 50 year benchmark club this week, lending weight to the possibility that the tenor could become a more common maturity as eurozone rates scrape along at record low levels.
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FIG syndicate desks were looking forward to a pick-up in primary market activity this week, after two insurers hit screens and the bank capital pipeline also grew.
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Water management provider Suez Environnement on Thursday launched the only deal of the day, a €500m note that printed with a small new issue premium.
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William Hill, the UK bookmaker, will begin a roadshow on Friday for its benchmark sterling bond, indicating an estimated deal size of between £250m and £300m.
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US biopharmaceutical firm Johnson & Johnson on Wednesday issued a four tranche bond, including 19 year notes, amid much competition in a market that absorbed 17 deals this week.
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The UK’s LSL Property Services has extended its existing £100m credit line to May 2020.
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Spain showed that a 50 year euro benchmark is not just the preserve of core eurozone sovereign issuers on Wednesday and had plenty of leftover demand to suggest that Italy could follow with a half century bond of its own.
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Santander Consumer Finance launched its third deal of the year on Wednesday, raising €750m in five year senior funding.
