Santander

Santander UK was set to print a solid sterling senior holdco debut on Friday, but different views of the appropriate spread between opco and holdco debt meant rival bankers couldn't agree on fair value for the deal.

Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.

Barclays has printed one of the largest dollar senior trades from a European bank in recent memory, as it and Santander UK took home $5bn of holding company debt between them on Tuesday.

UK banks have wasted no time in plundering a deep dollar market for holding company senior debt this week, while euro investors have been restricted to a variety show of covered bonds.

Abengoa, the Spanish construction and renewable energy group that is in pre-insolvency proceedings, signed a €106m loan on December 24 to pay employees' December wages, but will need more cash this month to avoid a full insolvency filing.

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Spain's inability to reach a decisive result in its general election sent European credit default swap markets wider on Monday, although dealer desks said trading was very thin.

Abengoa, the engineering and renewable energy firm, woke up on Monday up to two lawsuits from share and bond holders in Spain, while lenders agreed to inject €100m so the company could meet December’s payroll.

A lack of trading activity on Monday shielded Spanish FIG spreads from the worst effects of an inconclusive general election result, but the riskiest paper took a hit.

Market participants expect a large step up in senior holdco issuance early next year, putting further pressure on spreads and pushing some issuers further afield for funding.

Italian oil drilling company Saipem has revealed its bank group following the company's debut loan syndication.

Santander UK has beaten a path that could become well trodden by European banks in the next two years, printing a holdco senior unsecured deal in the Tokyo Pro-Bond market as it looks to broaden its investor base for issuing loss absorbing debt.