Santander

Banco Popular Español became the first peripheral bank to launch senior debt in just under two months on Thursday, paying around 20bp of new issue concession to tap its outstanding February 2020 bonds.

Anheuser-Busch InBev, the Belgian-Brazilian brewer, submitted a final recommended offer for SABMiller on Wednesday, having raised a record $75bn loan to support the transaction.

Anheuser-Busch InBev has secured a $75bn syndicated loan, which has been described as “the world’s largest ever loan”, for its £71bn recommended acquisition of SABMiller.

Santander has completed an overhaul of its London loans team, with four new hires that it hopes will lead the bank to the forefront of Europe’s corporate finance business. The Spanish bank wants a bigger role in high level acquisition finance in western Europe and is also investing in CIB divisions in Asia, eastern Europe and the US.

Swiss foods group Nestlé issued a €500m no-grow bond on Wednesday, clinching a 25bp spread over mid-swaps and still drawing a €1.6bn order book.

Several of Europe’s largest banks, including Santander and Credit Suisse, have been raising equity capital this year to satisfy regulators. But FIG ECM specialists believe this is coming to an end. Taking its place will be the re-privatisations of nationalised banks, and on the horizon, a return of mergers among banks. Olivier Holmey reports.

Issuers, investors and regulators are paying attention to senior unsecured bank debt, and the tier two bonds that stand below them in the capital structure, like never before. Nick Jacob reports.

Swiss foods group Nestlé issued a €500m no-grow bond today, clinching a 25bp spread over mid-swaps and still drawing a €1.6bn order book.

Autoroutes Paris-Rhin-Rhône, the French motorways group, won a €4.9bn order book for a €500m eight year no-grow bond issue on Thursday, as investors returned in force to the primary market.

Western Power Distribution, the UK electricity distribution network operator, kept the sterling corporate bond market’s run of form going on Wednesday with a £500m eight year issue.

October has been one of the worst months in recent years for FIG issuance. But while some stability — and even a couple of issuers — returned to markets this week, bankers fear that elevated premiums will keep issuance suppressed. November will reveal all about the state of FIG issuance, writes Tyler Davies.

Autoroutes Paris-Rhin-Rhône, the French motorways group, won a €4.9bn order book for a €500m eight year no-grow bond issue on Thursday, as investors returned in force to the primary market.