Santander

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.

Market uncertainty surrounding Wednesday’s Federal Reserve meeting gave way to a healthy primary session on Thursday, as Santander Consumer Finance, Old Mutual and SNS Bank all took the opportunity to grab funding.

Polska Grupa Energetyczna, the Polish state-owned power company, has signed Z2bn (€467m) of loans with the European Investment Bank, following a Z5.5bn(€1.3bn) syndicated loan.

Profits at Santander’s global corporate banking arm fell as the bank faced higher costs developing new franchises.