Santander

Mexican building materials company Cemex, has signed $3.79bn of loans including a €620m tranche after an upgrade to BB- from Fitch.

Northgate, the UK van hire firm, has reduced its flagship bank facility and replaced the financing with a €100m private placement from Pricoa Capital.

The euro market provided a mixed bag this week with Royal Bank of Canada pricing a €1.25bn five year FRN just a day after Banco Sabadell was forced to pull a four year bullet.

Spain’s Banco Santander on Thursday announced a 24% surge in first half profits as revenues grew and provisions shrank in its far-flung retail network, although its wholesale banking unit turned in a roughly flat performance.

Fiat Chrysler Automobiles put to rest rumours about the bank group working on its much-hyped spin-off of Ferrari, the Italian luxury sports car manufacturer, on Thursday, as it announced that two European houses and one American one were to lead the transaction.

Industrial conglomerate Cosan looks set to provide the toughest test of investor appetite for Brazilian credit risk since Petrobras published its delayed 2014 financials results in April.

Cellnex Telecom, the broadcasting tower business floated by Abertis Infraestructuras in May, marketed and sold its first bond issue on Monday, raising €600m.

Swiss travel retailer Dufry began roadshowing on Monday its €500m high yield bond, part of the financing package to support its buyout of World Duty Free.

Elecnor, the Spanish engineering company, has refinanced €600m of loans, extending the deal for another five years but keeping the same size.

Mexican telco América Móvil has hit the road despite the threat of a Greek default. The firm is looking at dollar and global local peso bonds, but has a definite currency preference, said bankers close to the sale.

Santander has issued European covered bonds from Spain, Portugal and UK but could soon be about to issue Obligations Foncières from a new French programme.

The competition in the investment grade loan market this week was merciless, as Santander was announced as the third and final lender in IAG’s €1.4bn loan to buy Aer Lingus.