Santander
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Royal Bank of Scotland has been mooted as one candidate to print additional tier one debt before the summer, after Santander UK this week proved the market is ready for more supply.
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Extreme swings in European government bond yields rocked markets this week, but worse could be yet to come.
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Santander UK will look to build out its holdco curve in both tier two and senior unsecured as early as the autumn, after impressing with its debut additional tier one bond this week. -
Santander UK’s debut additional tier one (AT1) impressed on Wednesday, drawing £5bn of demand and lending confidence to a string of issuers looking to print before the summer amid tricky conditions.
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Nexans, the French cable manufacturer, became on Friday the first double-B rated issuer to pull a European high yield bond this year. It cited unfavourable pricing and volatility in the market.
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Home Depot and Time Warner led a flurry of corporate borrowers on Thursday as the dollar market closed in on a record month for issuance.
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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.
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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.
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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.
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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.
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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.
