Santander

Coventry Building Society became the first UK issuer to spurn the conventional three year sterling floating rate covered bond sector, and following its recent roadshow, sold a five year floating rate sterling benchmark covered bond on Tuesday.

Faurecia, the French car parts supplier, sold its €500m unsecured bond on Tuesday to yield 3.125%, joining a parade of high yield cost-saving refinancing issues in March.

Faurecia, the French car parts maker, said on Monday it wanted to issue€500m of bonds to redeem a note due 2019, in a market that has already seen refinancing issuers achieve substantial price cuts.

The tier two market rocketed back into action after a nearly two week hiatus on Wednesday, with Santander Issuances and KBC Group hitting the undersupplied sector and quickly building bumper books.

Campofrio Food Group, the Spanish processed meat producer, priced its €500m bond a day early on Tuesday at 3.375%, in an eager high yield market.

The tier two market rocketed back into action on Wednesday, with Santander Issuances and KBC Group hitting the undersupplied sector and quickly building bumper books.

Madrid has raised 15 year cash with its second bond in as many weeks — and the borrower’s sovereign could break its yield record at a similar tenor on Thursday.

Edenred, the French prepayment services company, issued a €500m 10 year bond on Tuesday to fund its €150m acquisition of 34% of Germany’s Union Tank Eckstein, and to refinance debt.

Campofrio Food Group, the Spanish meat processor, has brought back to the market a €500m high yield bond it pulled in November.

A new issue premium of around 20bp looked hefty for investment grade sovereign borrower Uruguay this week.

Spain brought a record breaking 15 year benchmark this week that may have helped drive other eurozone sovereign yields to all-time lows.

Mexico has released price guidance for a €2bn dual tranche note with the deal over two and a half times subscribed.