Santander

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.

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.

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.

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.