Santander

Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.

Spain has nipped in ahead of its eurozone periphery peer Italy, mandating banks for a debut 50 year euro benchmark on the same day that the Community of Madrid had a strong showing at the short end and Greek yields rallied across the curve.

The Community of Madrid is preparing its first syndicated bond in a year, as the Republic of Italy considers following the lead of France and Belgium by publically issuing a 50 year bond.

French motorways operator Autoroutes du Sud brought a €500m no-grow bond to the market on Wednesday, drawing in a €2.2bn order book.

With Ascension Day putting a cap on activity in euro-denominated bonds, the sterling market glided into action as Travis Perkins issued a £300m deal.

Spanish car parts maker Gestamp on Wednesday priced a €500m secured bond to redeem all of its old euro notes at first call.

Banco Santander posted a €1.6bn profit for January to March, above market expectations but 5% down from 2015’s first quarter, which the bank blamed on local currencies’ depreciation against the euro.

A flotilla of IPOs reached harbour safely this week, through waters calmed by the European Central Bank’s quantitative easing medicine, and whatever other magical ingredient has made financial professionals feel so much better since Easter. But one debutant tripped up and another IPO was pulled.

London & Quadrant Housing Trust rode the waves of strong demand for corporate sterling paper on Wednesday as it achieved a minimal new issue premium for a bond that was over three times oversubscribed.

Amadeus, the Spanish airline ticketing systems group, has signed a €500m revolving credit facility with a group of 12 banks, bringing in two new lenders as two dropped out.

The corporate bond market hosted its second zero coupon deal of the year on Monday, courtesy of Unilever, as the UK-Dutch consumer goods company printed €1.5bn across three tranches of bonds.

Argentina fever has gripped financial markets after the sovereign’s record breaking return to international bond markets this week, with sub-sovereigns likely to be the first to take advantage of the clamour for bonds.