Santander
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A Spanish region is set to bring its first syndication in 18 months, after mandating banks on Tuesday for a five year euro deal. -
Meatpacker Marfrig will meet investors this week as it looks to show that the poor secondary market performance of Petrobras’ new bond will not damage Brazilian companies’ ambitions of returning to markets.
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Bookmaker William Hill on Friday sold £350m of unsecured bonds in a sterling high yield market increasingly convinced that the June referendum will support the UK’s European Union membership.
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Latin America bond bankers put on brave faces after Petrobras’ return to bond markets soured when its new 10 year traded down as much as five points just two days after pricing. Oliver West reports.
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Caja Rural de Castilla-La Mancha this week issued the first Cédulas in more than two months and swept aside concerns that peripheral issuers would need to pay lavish new issue concessions.
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Latin American DCM bankers drew positive conclusions from Petrobras’ first international bond in nearly a year as the Brazilian state oil giant raised more than twice what it needed to for a liability management exercise.
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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.
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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.
