Santander

Santander UK is poised to issue its debut additional tier one transaction, a potentially crucial deal in a market without benchmark non-dollar supply in months, writes Tom Porter.

Guarantor: Nomura Holdings Inc

A tantalising glimpse of a final resolution to Greece’s negotiations with its creditors sent periphery eurozone yields plunging on Wednesday, ahead of an Italian auction on Thursday.

Nexans, the French cable manufacturer, said on Wednesday it wanted to issue €250m of high yield notes to refinance €212.6m of convertible bonds maturing on January 1 next year.

The public sector borrower market is enjoying stability after weeks of turbulence, with a pair of issuers trebling the number of euro benchmarks so far this month.

Spain’s Electricity Deficit Amortisation Fund (FADE) has mandated banks for a first syndication in over a year — despite periphery eurozone yields suffering a rocky week.

NordLB reopened a four year public sector backed Pfandbrief on Wednesday in a move which locked in exceptionally cheap funding. But because the deal was largely placed with captive German savings banks, it offered little clue about the state of demand for euro covered bond benchmarks.

While turbulence struck the euro market this week, issuers in sterling had an easier time of it with three companies putting together solid deals in the currency.

Chile reaffirmed its commitment to the European bond market on Tuesday with a dual-tranche issue designed to lure the country’s companies to fund themselves on the other side of the Atlantic.

BMW issued its first public sterling bond of the year on Tuesday, achieving an attractive arbitrage against euros for a long five year maturity, according to bankers away from the deal.

A project bond said to be only Spain's second ever was pre-placed this week, raising €184.5m to refinance a 49km stretch of the A66 motorway northwest of Madrid.

J Sainsbury, the UK supermarket chain, has refinanced a trolley of loans, removing covenants and securing the loans on its properties, after announcing its worst earnings for a decade last week.